Sensex tanks nearly 400 points while Nifty around 17,690 in early trade

The Sensex fell about 400 points in early trade on Monday, pulled down by index heavyweights Infosys, Reliance Industries, and the HDFC twins, amid an overall negative trend in Asian markets.

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In early trade, the Sensex was down 398.98 points at 59,048.20. The Nifty Index fell 94.6 points to 17,689.75 points.

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HCL Technologies, Infosys, Wipro, Hindustan Unilever, Reliance Industries, M&M, HDFC and HDFC Bank were the laggards in early trade within the 30-share group. NTPC, Power Grid Corporation, Tata Steel, and State Bank of India, on the other hand, were among the gainers.

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The broader indices were trading in green with the BSE Midcap index rising 0.33%, while the Small cap index was up by 0.52%. The top gaining sectoral indices on the BSE were Utilities up by 2.77%, Power up by 2.76%, Oil & Gas up by 0.95%, PSU up by 0.73%, Telecom up by 0.51%, while IT down by 1.25%, TECK down by 1.12%, FMCG down by 0.44%, Consumer Durables down by 0.39%, Auto down by 0.26% were the top losing indices on BSE.

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On Friday, the BSE Sensex rose 412.23 points, or 0.70%, to 59,447.18, while the Nifty rose 144.80 points, or 0.82%, to 17,784.35.

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Asian markets are trading mostly in the red with Nikkei 225 slipping 211.52 points or 0.78% to 26,774.28, Straits Times declining 21.79 points or 0.64% to 3,361.49, Hang Seng plunged 530.83 points or 2.43% to 21,341.18, Taiwan Weighted lost 193.85 points or 1.12% to 17,090.69, KOSPI fell 8.86 points or 0.33% to 2,691.53 and Shanghai Composite was down by 56.78 points or 1.75% to 3,195.07, while Jakarta Composite rose 70.13 points or 0.97% to 7,280.97. Stocks in the US ended mostly lower on Friday.

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According to market statistics, foreign institutional investors kept selling shares worth Rs 575.04 crore on Friday.

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Brent crude, the international oil benchmark, fell 2.39% to USD 100.32 a barrel. In early trade, the rupee climbs 8 paise to 75.85 against the US dollar.