Sensex falls 113 pts on wider trade deficit, muted earnings

The BSE benchmark Sensex dropped by

113 points in early session today, weighed down by metal

stocks, as trade deficit widened to an almost 3-year high.

Moreover, disappointing quarterly earnings by some blue-

chip companies and weak global cues made mood gloomy.

The 30-share index was trading lower by 113 points,

or 0.34 per cent, at 32,828.87. The gauge had lost 372.69

points in the previous two sessions.

All the sectoral indices led by metal, power and FMCG

were trading in the red, falling by up to 2.14 per cent.

The NSE Nifty fell 30.85 points, or 0.30 per cent, to

10,155.75 in early trade.

Exports entered negative terrain after over an year,

contracting 1.12 per cent in October. Trade deficit widened to

almost a 3-year high of USD 14 billion last month as imports

surged.

Metal stocks suffered the most following the decline in

metal prices in the global market, traders said.

Sun Pharma suffered the most among Sensex components by

tumbling 2.54 per cent after the pharma major yesterday

reported a big drop in consolidated net profit.

Other prominent losers included Tata Steel, ONGC, NTPC,

M&M and ITC Ltd.

Among other Asian markets, Hong Kong's Hang Seng shed

0.10 per cent while Japan's Nikkei was down by 0.93 per cent

in early trade today. The Shanghai Composite Index too inched

lower by 0.53 per cent.

The US Dow Jones Industrial Average ended 0.13 per cent

lower yesterday.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)