Sensex sheds 330 points, Nifty slips below 16,117 in early trade

Sensex scales 54,151.70, declined by 330.14, and Nifty downs 102.75 points to 16,117.85 in early trade. TCS tumbled 4.54 percent after its earnings failed to cheer investors. Meanwhile, NTPC, M&M, ITC, and ICICI Bank were among the gainers.

File Photo

New Delhi: Benchmark indices started the trade on a tepid note on Monday with the Sensex falling 330 points amid heavy selling in IT counters and weak trends in Asian markets. The 30-share BSE benchmark declined 330.14 points to 54,151.70 in early trade. The broader NSE Nifty went lower by 102.75 points to 16,117.85. From the Sensex pack, Bharti Airtel, TCS, HCL Technologies, Tech Mahindra, Wipro, Infosys, and UltraTech Cement were the major laggards.

TCS tumbled 4.54 percent after its earnings failed to cheer investors. The country's largest software exporter TCS on Friday reported a 5.2 percent rise in June quarter net profit to Rs 9,478 crore, restricted by the impact of annual wage hikes and promotions that took operating profit margins to multi-quarter lows. ()

Meanwhile, NTPC, M&M, ITC, and ICICI Bank were among the gainers. In Asia, markets in Shanghai, Hong Kong, and Seoul were quoting significantly lower, while Tokyo was trading higher. The US markets had ended on a mixed note on Friday. ()

The BSE benchmark advanced 303.38 points or 0.56 percent to settle at 54,481.84 on Friday. The broader Nifty went higher by 87.70 points or 0.54 percent to end at 16,220.60. Meanwhile, international oil benchmark Brent crude dipped 0.37 percent to USD 106.63 per barrel.

Foreign institutional investors remained net sellers on Friday, offloading shares worth Rs 109.31 crore, as per exchange data.