Sensex down 46 points in early trade; sugar stocks rally
Mumbai: Extending losses for the third straight day, the BSE Sensex on Friday fell over 46 points in early trade due to sustained selling by funds despite a rally in sugar companies' stocks.
The 30-share BSE benchmark index, which had lost 531.25 points in the past two sessions, lost 46.72 points, or 0.25 percent, to 18,462.98 in the early trade.
Similarly, the wide-based the National Stock Exchange Nifty declined by 12.90 points, or 0.23 percent, to 5,561.85.
Stocks of FMCG, IT, banking and tech sectors remained under pressure and were trading in the negative zone with losses of up to 0.82 percent.
Brokers said continued selling by funds and retail investors amid mixed trend in Asian bourses, mainly influenced the trading sentiment.
However, shares of sugar manufacturers rallied after the government partially decontrolled the sugar sector yesterday, giving millers freedom to sell in the open market and removed their obligation to supply the sweetener at a subsidised rates to ration shops.
Among major gainers, shares of Bajaj Hindusthan surged by 7.51 percent, Balramapur Chini by 7.84 percent and Shree Renuka Sugar by 7 percent.
In the Asia region, Hong Kong's Hang Seng index was down by 2.11 percent while, Japan's Nikkei index rose 3.57 percent in the morning trade. The US Dow Jones Industrial Average ended 0.38 percent up in yesterday's trade.