Nervy Sensex skids 81 points in early trade on weak Asian cues

Mumbai: The Sensex shed almost 81 points to 27,227.78 in early trade as participants cut down bets amid lacklustre Asian cues and nervous investors await Donald Trump’s takeover as US President later today. The caution overshadowed better-than-expected China’s fourth quarter GDP growth and Fed chair Janet Yellen taking a less hawkish stance on rate hike. Discouraging earnings by some companies too weighed on sentiment.

The 30-share barometer fell 80.82 points, or 0.30 per cent, to 27,227.78. The gauge had gained 72.94 points in the previous two straight sessions. Shares of private lender Axis Bank plunged 5.52 per cent to Rs 457 on nervous selling by participants after it reported a whopping 73 per cent decline in net profit yesterday at Rs 580 crore for the October-December quarter. Losses in ICICI Bank, Infosys, Power Grid, Tata Motors, NTPC, Adani Ports, Asian Paints, HDFC Ltd, Coal India, Hind Unilever and L&T stocks also kept the Sensex in the negative zone.

The NSE Nifty too declined 23.35 points, or 0.28 per cent, to 8,411.75. In other Asian markets, Hong Kong’s Hang Seng fell 0.68 per cent, while Shanghai Composite Index shed 0.18 per cent in early deals today. Japan’s Nikkei 0.11 per cent. The Dow Jones Industrial Average closed 0.37 per cent lower in yesterday’s trade.