Sensex down 70 pts in early trade on falling exports

Mumbai, Mar 16 (PTI) Market benchmark BSE Sensex stretched its losses for the second day today, shedding over 70 points in early trade on sustained selling by investors amid dip in exports.

Besides, a weak trend at other Asian bourses as traders await the conclusion of the US Federal Reserve’s latest policy meeting, weighed on the trading sentiments here.

The 30-share Sensex fell further by 70.14 points, or 0.28 per cent, to 24,481.03 with healthcare, FMCG, teck, IT, auto, capital goods and power stocks leading the fall.

The gauge lost 253.11 points in the previous session.

The NSE Nifty fell by 13.55 points, or 0.18 per cent, to 7,447.05.

Brokers said investors indulged in selling following a weak trend at other Asian markets and decline in country’s exports for the 15th month in a row in February at USD 20.73 billion, down 5.66 per cent.

Among pharma shares, Cipla, Sun Pharma and Dr Reddy’s were trading in the negative terrain falling up to 1.65 per cent.

In other Asian markets, Hong Kong’s Hang Seng index was down 0.54 per cent while Japan’s Nikkei shed 0.77 per cent in early trade today. Shanghai Composite Index was marginally down 0.20 per cent.

The US Dow Jones edged up 0.13 per cent yesterday.