Sensex dips 262 points in morning trade amid weak global cues

Mumbai (Maharashtra), [India], May 31 : Key indices of the domestic equities market opened with losses, tracking weak global cues. Profit booking by domestic investors was witnessed during the morning on Wednesday. Investors would be monitoring the annual and quarterly data of India's gross domestic product (GDP), which are expected today.

The BSE 30-share Sensex lost 262 points to 62,706.71 and NSE Nifty 50 dropped 69 points to 18,565.35 in morning trade on Wednesday.

Some of the gainers on NSE Nifty were HDFC Life, Sun Pharma, Asian Paints, HCL Tech and Eicher Motors. Some of the laggards were ICICI Bank, Maruti, TCS, NTPC, Wipro and Bajaj Finance.

In sectoral indices, Bank Nifty sank 261.35 points or 0.59 per cent to 44,175, Nifty Metal plunged 1.13 per cent, Nifty PSU Bank fell 1 per cent while Nifty Pharma rose 0.46 per cent.

In the Asian markets, Hong Kong's Hang Seng lost 450 points, Japan's Nikkei dropped 375 points, China's Shanghai declined 23 points, S&P ASX lost 88 points, Thailand Set dropped 10 points and Philippine Stock Exc lost 24 points.

In the US markets, Nasdaq gained 41 points, Dow Jones dropped 50 points, NYSE declined 84 points, S-P/BMV dropped 870 points and S-P 500 was trading in the positive territory.

In the European market, Amsterdam, CAC, Deutsche Borse were trading in the positive territory, FTSE 100 declined 105 points and Madrid was trading in the positive territory when the Asian markets opened on Wednesday.

According to NSE, domestic institutional investors (DIIs) on Tuesday turned net sellers, with Rs 438.93 crore whereas foreign institutional investors (FIIs) were net buyers, with Rs 2,085.62 crore.

Rupee fell 6 paise to 82.73 against the US dollar in early trade on Wednesday. Brent Crude is down 0.43 per cent to USD 73.664 per barrel at 20.23 GMT.

According to BSE, the shares of Reliance Industries were trading 1.14 per cent down at Rs 2,489.85 apiece in morning trade on Wednesday. State Bank of India was also down 1.87 per cent at Rs 581.40 per share on Wednesday's morning trade.

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