Sensex falls nearly 120 points; Auto, banking stocks major drags

Sensex dropped 119.36 points to 31,003.53 in opening session while the NSE Nifty slipped 10.25 points to 9,132.50.

Sensex falls nearly 120 points; Auto, banking stocks major drags

New Delhi: Market opened lower on Friday led by decline in auto stocks and banking stocks.

Sensex dropped 119.36 points to 31,003.53 in opening session while the NSE Nifty slipped 10.25 points to 9,132.50.

Major losers in the Sensex pack were M&M, HCL, Maruti, ITC, Heromoto Corp, TCS, Axis Bank, ICICI Bank, HDFC Bank, IndusInd Bank, Bajaj Auto and Sun Pharma, falling upto 3.37 percent. On the other hand, ONGC, Tata Steel, Bharti Airtel, HDFC, NTPC, Titan, Nestle, L&T, HUL and RIL were the major gainers, rising upto 2.30 percent.

In the previous session on Thursday, the 30-share index settled 885.72 points or 2.77 per cent lower at 31,122.89 amid weak global cues and investors' tepid response towards the stimulus package.

Investor wealth eroded by Rs 1,99,619.9 crore on Thursday due to the weakness in equity market, with the BSE Sensex plummeting 886 points.