Sensex extends losses, down over 146 pts in early trade
Continuing its losing streak for the third straight session, the benchmark Sensex fell by over 146 points in early trade today on sustained offloading by foreign funds and retail investors coupled with weak global cues.
The 30-share index was trading down by 146.81 points or 0.54 per cent to 26,570.56 with stocks of healthcare, capital goods, auto, banking, power, PSU, metal and consumer durables remaining under selling pressure.
The gauge lost 773.223 points in the previous two sessions -- including 722.77 in yesterday's trade -- its second biggest single-day fall since current government took over. On similar lines, the National Stock Exchange Nifty shed 52.30 points or 0.64 per cent to 8,044.70.
Brokers said sustained capital outflows by foreign funds on worries over MAT and delay in passage of key reform bills and muted quarter earnings by blue-chips so far dampened market sentiment.
Besides, weakness in the rupee that fell further to Rs 63.88 against the dollar in early trade also triggered selling, they added. Among other Asian markets, Hong Kong's Hang Seng fell by 0.59 per cent and Japan's Nikkei shed 1.02 per cent in early trade today. The US Dow Jones ended 0.48 per cent lower in yesterday's trade.