Markets open in red; Yes Bank tumbles over 7%

New Delhi: Markets opened in the red on Thursday pressured by losses in banking sector amidst negative global cues.

The BSE Sensex fell 116.12 points or 0.29 percent to 39,640.69 in early trade while the NSE Nifty dropped 41.70 points or 0.35 percent to 11,864.50.

Yes Bank was the worst performer in the Sensex pack, declining 7.09 percent, after Moody's placed the private sector lender's ratings under review for a possible downgrade. IndusInd Bank, Sun Pharma, Vedanta, Tata Steel, Infosys, Hero MotoCorp, Bajaj Auto and Tata Motors too fell up to 5.75 percent.

On the other hand, L&T, TCS, Axis Bank, Bharti Airtel, Asian Paints and Bajaj Finance rose up to 1.20 percent.

Foreign institutional investors sold equity worth Rs 1,050.43 crore, while domestic institutional investors bought shares to the tune of Rs 271.15 crore, provisional data available with stock exchanges showed on Wednesday.

MSCI`s broadest index of Asia-Pacific shares outside Japan fell as much as 1%, as Hong Kong`s Hang Seng Index dropped 1.5% following Wednesday`s 1.7% fall. Japan`s Nikkei lost 0.8% while U.S. stock futures lost 0.3% in Asia, following small losses the previous day when the S&P 500 shed 0.20%, a Reuters report said.

With Agency Inputs