Sensex begins 2016 with a stumble, down 51 points

Stock markets opened on a subdued note on the first trading day of 2016, with the benchmark BSE Sensex sliding over 51 points in early trade on profit-booking after recent gains.

The 30-share index, which had gained 157.51 points in the previous session, fell 51.29 points, or 0.20 per cent, to 26,066.25 in early trade today.

Stocks of technology, metal, power, healthcare and banking sectors were leading the fall in early trade.

ONGC, Sun Pharma, NTPC, ICICI Bank, Infosys, GAIL, Tata Steel, Bharti Airtel, Bajaj Auto, Coal India, Hero MotoCorp and Wipro fell up to 1.53 per cent.

Asian Paints, Hindustan Unilever, TCS, Dr Reddy’s, RIL and ITC were also the drag on the index.

In contrast, Tata Motors, L&T, SBI, Mahindra & Mahindra, Adani Ports and Cipla poked into the positive zone.

The broad-based NSE Nifty was down 25.25 points, or 0.32 per cent, to 7,921.10.
Brokers said profit-booking in stocks that logged gains recently and absence of cues from other Asian markets, which are closed today, had an impact.

The US Dow Jones Industrial Average closed 1.02 per cent down on the final day of 2015 yesterday.