Markets drop in the early trading; Sensex declines nearly 420 points

(PTI) Equity benchmarks dropped in the early trading on Monday, with the Sensex dropping nearly 425 points in the face of divergent global market conditions.

30 shares of the BSE benchmark that begun the trading in a downer note, continued to fall 419.69 points , to 59,226.46. The broad NSE Nifty declined 140.6 points to 17,617.85.

Of the Sensex pack Kotak Mahindra Bank, Tata Steel, Wipro, Tech Mahindra, Axis Bank, Bajaj Finserv, Bajaj Finance, HCL Technologies and IndusInd Bank were the biggest losers.

However, Hindustan Unilever, Reliance Industries, Power Grid and ITC were trading higher.

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In Asia markets, Seoul as well as Tokyo traded lower whereas Shanghai as well as Hong Kong quoted in the green during the mid-session trading.

The Wall Street had ended lower on Friday.

The BSE benchmark ended 651.85 per cent or 1.08 percent down with a value of 59,646.15 in the early hours of Friday. The Nifty dropped 198.05 per cent or 1.10 percent to close at 17,758.45.

In the meantime, the benchmark oil for international trade Brent crude traded 1.01 percent lower at USD 95.74 per barrel.

Foreign Institutional Investors (FIIs) became net buyers when they purchased shares worth the sum of Rs 1,110.90 billion on Friday as per exchange information.

“A weak opening for domestic equity market indices is on the cards on Monday, after the US markets continued their descent on Friday while other Asian peers too are displaying a sluggish to negative trend in today’s early trade,” Prashanth Tapse, Research Analyst and Senior Vice President (Research), Mehta Equities Ltd was quoted in his pre-market opening remarks.

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