Markets open lower, Sensex down 80 points

NEW DELHI: Markets on Wednesday opened in red with the benchmark BSE Sensex losing nearly 350 points following weak global cues amid fresh foreign fund outflows.

At 10:47 am: Sensex was 347 points or 0.98 per cent down to 35,127; Nifty shed 87 points or 0.82 per cent to 10,569. Both the indices plunged nearly 1 per cent in late morning deals.

Sensex lost 81 points or 0.23 per cent to 35,394 and Nifty dropped 17 points or 0.16 per cent to 10,639 in early trade.

Brokers said a weak trend in other Asian markets following extended rout at Wall Street on Tuesday due to disappointing earnings amid fears over slowing global growth on US-China trade dispute and the steady rise in interest rates, dampened investor sentiment.

Profit-booking in recent gainers and global sell-off too fuelled the downward trend in the equity indices, they added. The 30-share BSE index had dropped 300 points, or 0.84 per cent, to 35,475 on Tuesday. The index had risen 633 points in the last two sessions on the back of increased foreign fund inflows.

Infosys, Wipro, TCS, Vedanta, Tata Steel and ICICI Bank were among the top losers on the BSE index, down as much as 3.72 per cent. On NSE, sub-indices Nifty IT, Metal and Media witnessed heavy losses, sliding as much as 2.89 per cent.

Asian stocks fell, weighed by a renewed bout of selling on Wall Street, and crude oil struggled after a sharp slide as economic growth concerns gripped global markets.

“The markets appear to be starting to prepare for a loss of momentum in the global economy, although it is doing quite well at the moment,” said Soichiro Monji, senior economist at Daiwa SB Investments.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore on Tuesday, as per provisional data.

(With inputs from agencies)

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