Sensex drops 57 pts in early trade on weak global cues

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

The 30-share index declined by 56.58 points or 0.17 per cent to 33,194.35. The gauge had gained 32.12 points in yesterday's highly volatile session. The NSE Nifty too was trading lower by 36.20 points or 0.35 per cent 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 per cent.

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 per cent 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 per cent, 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 per cent, while Japan's Nikkei shed 1.38 per cent in early trade today. Shanghai Composite Index too was down 0.21 per cent. The US Dow Jones ended lower by 0.43 per cent in yesterday's trade.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)