Markets fall in early trade on weak global trends
Equity benchmark indices Sensex and Nifty fell in early trade on May 11 amid weak trends in global markets and as investors preferred to stay on the sidelines ahead of the release of domestic inflation data.
The 30-share BSE Sensex fell 244.01 points to 61,660.51. The NSE Nifty declined 77.95 points to 18,219.05.
Among the Sensex firms, Larsen & Toubro, Tata Steel, Infosys, Asian Paints, Power Grid, Bajaj Finserv, IndusInd Bank and ITC were the major laggards.
Mahindra & Mahindra, Tata Motors, Axis Bank and Titan were among the gainers.
In Asia, Seoul, Shanghai and Hong Kong markets were trading lower, while Tokyo quoted in the green.
The U.S. market ended mostly in the negative territory on May 10.
“Markets may falter in early trade on the back of weakness in other Asian indices after the U.S. markets shed ground overnight. Profit-booking is likely to be the preferred theme, as the advantage of softer U.S. CPI and PPI optimism is seen fading, with Chinese growth concerns also weighing on the sentiment,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The domestic inflation data for the month of April and industrial production for March are scheduled to be announced later in the day. Meanwhile, global oil benchmark Brent crude declined 0.45% to $74.59 per barrel.
Foreign Institutional Investors (FIIs) were net buyers on May 10 as they bought equities worth ₹837.21 crore, according to exchange data.
The BSE benchmark had declined 35.68 points or 0.06% to settle at 61,904.52 on May 10 The Nifty dipped 18.10 points or 0.10% to end at 18,297.