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Sensex slips below 34,000, Nifty down 150 points in early trade

BSE Sensex dropped by 463.19 points, or 1.35%, to trade at 33,834.28 at 10.30 am, led by a fall in Tata Steel, SBI, Reliance Industries and L&T.

Indian equity benchmark BSE Sensex slipped below the 34,000 – mark by falling nearly 463.19 points in early trade on Monday, extending Friday’s losses, as investors cut bets amid weak domestic sentiment and absence of Asian cues.

The 30-share barometer dropped by 463.19 points, or 1.35%, to trade at 33,834.28 at 10.30 am, led by a fall in Tata Steel, SBI, Reliance Industries and L&T. The gauge had lost 286.71 points in the previous session on Friday. The NSE Nifty 50 index also fell 149.60 points, or 1.38%, to trade at 10,399.95. Brokers said investors trimmed positions on distinctly weak sentiment since the detection of a massive Rs 11,400-crore fraud at state-run Punjab National Bank (PNB). Shares of PNB remained under selling pressure and lost another 5.25%.

Other laggards were Tata Steel, SBI, L&T, IndusInd Bank, Adani Ports, M&M, Hindustan Unilever, Bharti Airtel, Asian Paint, Bajaj Auto, Yes Bank, ONGC, Coal India and Reliance Industries, falling up to 3.22%.

Meanwhile, foreign portfolio investors (FPIs) continued selling on domestic bourses. On net basis, they sold shares worth Rs 1,065.99 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,127.78 crore on Friday, provisional data showed.

Globally, in the Asian region, Japan’s Nikkei rose 1.33%, while markets in Hong Kong and China remained shut on Monday on account of a public holiday.

The US Dow Jones Industrial Average ended 0.08% higher on Friday.

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