Sensex down 273 points in early trade on weak global cues
The BSE Sensex extended losses for the fourth straight day by losing over 273 points in early trade on Tuesday on sustained selling by funds amid weak global cues, tracking plunging crude coupled with depreciating rupee. The 30-share index tumbled 273.05 points, or 1 per cent, to 27,046.51.
The gauge had lost 511.54 points in the previous three sessions. In a similar fashion, the wide-based National Stock Exchange Nifty declined by 64 points, or 0.78 per cent, to 8,155.60. All the sectoral indices, led by metal, FMCG and banking stocks, were trading in the negative zone with losses up to 1.42 per cent.
Sustained selling by funds amid weak trend on Asian bourses following overnight sell-off in Europe and US markets in view of falling oil prices that plunged to more than five-year lows dampened the trading sentiment here, brokers said, adding the drop in Chinese manufacturing activity did not help the cause either.
Besides, the depreciating rupee which slipped below the 63-mark against the dollar to trade at a fresh 13-month low of 63.45 too weighed on sentiments, they said. On other Asian markets, Hong Kong’s Hang Seng index was down by 1.17 per cent and Japan’s Nikkei index shed 1.90 per cent in the morning trade. The US Dow Jones Industrial Average ended 0.58 per cent lower in Monday’s trade.