Sensex slips below 35,000 in early trade, drops 100 pts

The benchmark Sensex slipped below the 35,000-mark by dropping over 100 points to 34,911.11 in early trade Monday after banking, metal and auto stocks declined following weak global cues and profit-booking.

The 30-share index fell 100.54 points, or 0.29%, to 34,911.11. The gauge had rallied nearly 580 points on Friday. The NSE Nifty, too, was trading 39.80 points, or 0.38%, lower at 10,513.20.

Sectoral indices, led by power, metal, banking and auto stocks, were trading in the negative terrain, falling by up to 1.44%.

Brokers said sentiments were weak largely in tandem with a negative trend in other Asian markets, tracking losses at the Wall Street, and profit-booking by investors after Friday’s rally.

NTPC fell the most by 3.01% among Sensex scrips, followed by IndusInd Bank shedding 2.17%.

Other laggards were PowerGrid, ICICI Bank, Hero MotoCorp, Adani Ports, Tata Motors, Vedanta, M&M, Asian Paint, Kotak Bank, Bajaj Auto, RIL, Tata Steel, HUL and HDFC, falling up to 1.95%.

On the other hand, Axis Bank, ONGC, Sun Pharma, SBI and Yes Bank were trading positive, rising up to 1.98%.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of 196.90 crore, while domestic institutional investors (DIIs) bought shares to the tune of 852.99 crore.

Elsewhere in Asia, Japan’s Nikkei was down by 1.16%, while Hong Kong’s Hang Seng fell 2.52%. Korea fell 1.50%, Shanghai Composite Index shed 2% and Taiwan lost 0.89%.

The US Dow Jones Industrial had ended 0.43% lower Friday.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)