Sensex tanks nearly 300 points, Nifty slips below 10,700

Broadly negative global cues as well as disappointment over the Reserve Bank's monetary policy announcement dragged the indices.

Sensex tanks nearly 300 points, Nifty slips below 10,700

New Delhi: Markets opened in the red on Thursday in tandem with global markets as well as disappointment over the Reserve Bank's status quo in monetary policy announcement yesterday.

Minutes into trading,  the BSE Sensex tanked 293.26 points or 0.82 percent at 35,591.15. Similarly, the broader 50-scrip Nifty fell 91.90 points or 0.85 percent to 10,691.

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market.

All sectoral indices were trading with losses, led by metal, oil and gas, realty, FMCG, auto and banking stocks.

Top losers include Vedanta, Bharti Airtel, Tata Steel, Yes Bank, Maruti, IndusInd Bank, ONGC, ICICI Bank, Tata Motors, Kotak Bank and NTPC, falling up to 3 per cent.
While, gainers include Sun Pharma, PowerGrid and L&T, rising up to 2 percent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.

US stock futures tumbled on Thursday and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States, a Reuters report said.

Japan`s Nikkei slid 0.8 percent, with benchmark indexes in South Korea and Australia down 0.6 percent and 0.2 percent, respectively.

With Agency Inputs

 

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