Sensex down 73 points in early trade on Asian cues

Mumbai :The benchmark BSE Sensex was trading lower by about 73 points in early volatile trade on sustained capital outflows by foreign funds and selling by retail investors on muted corporate earnings amid weak Asian cues.

The 30-share index declined 72.97 points or 0.30 per cent to 24,382.07 after rising to 24,524.85.

The gauge has lost 399.07 points in the past two sessions on global worries amid muted earnings by Hindustan Unilever and plunging global oil prices.

The NSE Nifty was also trading lower by 30.60 points or 0.41 per cent to 7,407.20.

Stocks of capital goods, oil and gas, infrastructure, auto, realty and healthcare were leading the fall.
Brokers said sentiments remained weak on lower-than-expected earnings by some bluechip companies so far amid sustained capital outflows by foreign funds.

Besides, extended last week’s losses at other Asian markets on worries about tumbling oil prices and the slowing Chinese economy continued to weigh on the sentiments, they added.

Stocks of country’s third largest software services firm Wipro fell 1.33 per cent to Rs 536.20 despite posting a 1.8 per cent rise in consolidated net profit to Rs 2,234.1 crore for the December quarter.

In other Asian markets, Hong Kong’s Hang Seng index was down 1.84 per cent, while Japan’s Nikkei shed 1.94 per cent in early trade today. Shanghai Composite Index was down 0.67 per cent.

The US Dow Jones had tumbled 2.39 per cent in Friday’s trade.