Sensex makes a U-turn, drops 165 points as investors hold back

Investors held themselves back ahead of macro data due today as the benchmark Sensex changed course and dropped 165 points following across the board selling amid weak Asian indices.

Mumbai: Investors held themselves back ahead of macro data due today as the benchmark Sensex changed course and dropped 165 points following across the board selling amid weak Asian indices.

The government is set to release key economic numbers -- consumer inflation and IIP -- later in the day.

The 30-share index resumed higher and hovered in a range of 29,838.82 and 29,549.74 before trading at 29,623.21 at 1131 hours, a loss of 165.14 points, or 0.55 percent.

The NSE Nifty too fell 50.75 points, or 0.55 percent, to 9,186.25 at 1131 hours.

Tata Steel took a big knock, down 1.86 percent, followed by Maruti, Tata Motors and Adani Ports and PowerGrid.

Overseas, most Asian indices traded lower as evolving geo-political developments drove investors to safer assets like gold, treasuries, the Japanese yen and bonds.

US stocks finished slightly lower yesterday as rising global tensions pushed investors out of risky assets.

Foreign funds net sold Rs 750 crore yesterday, as per provisional figures.