Sensex drops 57 points in early trade on weak global cues

All the sectoral indices led by metal, auto and oil & gas were trading in the negative terrain.

The benchmark BSE Sensex dropped by 57 points to 33,194.35 in early trade on Friday after banking, telecom, auto, oil & gas, and pharma stocks declined following weak global cues.

Brokers said sentiment dampened largely in tandem with a weak trend at other Asian markets following overnight weakness at Wall Street. (HT File Photo)

The 30-share index declined by 56.58 points or 0.17% to 33,194.35. The gauge had gained 32.12 points in Thursday’s highly volatile session.

The NSE Nifty too was trading lower by 36.20 points or 0.35% to 10,272.75.

All the sectoral indices led by metal, auto and oil & gas were trading in the negative terrain, falling by up to 0.92%.

Brokers said sentiment dampened largely in tandem with a weak trend at other Asian markets following overnight weakness at Wall Street amid fears of delay in US corporate tax cut.

Tata Motors fell the most by 2.11% among Sensex scrips even as it posted three-fold jump in consolidated profit for the September quarter.

Asian Paint and Reliance Industries also dropped by 1.78%, dragging the index into the negative zone.

Other major losers were Adani Ports, Axis Bank, TCS, Sun Pharma, Dr Reddy’s, HDFC Ltd, Power Grid, M&M, Hero MotoCorp, Wipro and Infosys.

In other Asian markets, Hong Kong’s Hang Seng index was down by 0.20%, while Japan’s Nikkei shed 1.38% in early trade today. Shanghai Composite Index too was down 0.21%.

The US Dow Jones ended lower by 0.43% in Thursday’s trade.