Sensex down 111 pts in early trade on earnings concern

Mumbai:The benchmark BSE Sensex declined by 111 points in early trade today due to selling by funds and investors on earnings concerns amid a weak trend overseas.

The 30-share barometer, which had lost 134.09 points in the previous session, fell further by 111.72 points, or 0.39 per cent, to 28,259.12 in early trade.

Capital goods, banking, auto, power and FMCG stocks were among the major losers.
On similar lines, the broad-based National Stock Exchange index Nifty shed 20.65 points, or 0.24 per cent, to 8,569.15.

Brokers said disappointing quarterly earnings from some bluechip companies and a weak trend at other Asian markets dampened trading sentiment here.

Bucking the trend, Reliance Industries was trading a shade higher at Rs 1,045.75 ahead of its financial results, to be announced later today.

Among other Asian markets, Hong Kong’s Hang Seng fell by 0.92 per cent, while Japan’s Nikkei moved down by 0.68 per cent in early trade.
The US Dow Jones Industrial Average ended 0.67 per cent lower yesterday on weak corporate earnings.