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Sensex down over 100 points on weak global cues

Mumbai | Benchmark stock indices opened on a negative note Friday following weak global cues after the US Federal Reserve left key interest rates on hold last night, but hinted a rate hike next month.

The BSE Sensex was trading 114.08 points, or 0.32 percent, lower at 35,123.60. It had dropped 226.45 points in opening trade. The 30-share index had surged 246 points in the special Muhurat session Wednesday to mark the beginning of Hindu Samvat year 2075. The NSE Nifty saw similar movement and was trading 31.05 points, or 0.29 percent, lower at 10,567.35. The stock market was closed Thursday on account of Diwali Balipratipada.

Top losers in the morning session include Bharti Airtel, Wipro, Infosys, Tata Steel, ITC, ONGC, HDFC, NTPC and SBI, falling up to 1.65. per cent. Bucking the weak market trend, Yes Bank, Adani Ports, IndusInd Bank, PowerGrid, Asian Paints, Sun Pharma and Hero MotoCorp rose up to 2.36 per cent. Shares of aviation companies gained due to softening of crude oil prices. InterGlobe Aviation, SpiceJet and Jet Airways were trading up to 2 percent higher.

US West Texas Intermediate (WTI) crude oil futures were at $60.62 per barrel, down 5 cents from their last settlement. Meanwhile, the rupee appreciated 35 paise to 72.65 against the dollar in early trade, following US mid-term election results and easing crude oil prices.

According to provisional data available with the BSE, foreign portfolio investors (FPIs) bought shares worth a net of Rs 31 crore Wednesday, while domestic institutional investors (DIIs) were net buyers too to the tune of Rs 27 crore. Elsewhere in Asia, Japan’s Nikkei was trading 0.93 percent down, Shanghai Composite index fell 1.29 percent, while Hong Kong’s Hang Seng plunged 2.39 percent and Taiwan Weighted was down 1.40 percent in their early sessions.

On Wall Street, the S&P 500 lost 0.25 percent and the Nasdaq shed 0.53 percent after the Fed’s statement.

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