Sensex drops over 150 pts amid weak global cues

Mumbai:Domestic equity benchmark BSE Sensex fell over 150 points in early trade Friday tracking negative global cues amid rising crude oil prices.

Investors were also on edge ahead of the release of wholesale price inflation data, scheduled to be announced later in the day, traders said.

The 30-share index was trading 172.05 points, or 0.43 per cent, lower at 39,569.31 at 0945 hours. Similarly, the broader NSE Nifty was quoting 50.40 points, or 0.42 per cent, down at 11,863.65.

In the previous session on Thursday, the BSE gauge settled 15.45 points, or 0.04 per cent, lower at 39,741.36. While, the broader NSE Nifty inched up 7.85 points, or 0.07 per cent, to close at 11,914.05.

Top losers in the Sensex pack in early trade included Yes Bank, IndusInd Bank, Bajaj Auto, Kotak Bank, Hero MotoCorp, Sun Pharma, ICICI Bank, M&M, RIL and Tata Motors, shedding up to 2 per cent.

On the other hand, PowerGrid, Vedanta, ONGC, L&T, Bajaj Finance and Coal India rose up to 1.14 per cent.

According to experts, market mood was negative tracking weak cues from global markets amid rising crude oil prices after attacks on two oil tankers in the Gulf of Oman on Thursday, and continued uncertainty over trade talks between the US and China.

The United States has blamed Iran for the attacks as the incident came amid spiralling tensions between Tehran and Washington which has pointed the finger at Iran over earlier tanker attacks in May.

The global oil benchmark Brent crude futures were trading 0.62 per cent higher at 61.69 per barrel.

Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, and Kospi were trading on a negative note in their respective early sessions, Nikkei was quoting higher.

Bourses on Wall Street too ended in the green on Thursday.

Meanwhile, foreign institutional investors bought equity worth Rs 172.35 crore, while domestic institutional investors sold shares to the tune of Rs 444.87 crore, provisional data available with stock exchanges showed on Thursday.

On the currency front, the Indian rupee depreciated 7 paise to 69.57 against the US dollar.