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Sensex drops 85 points on profit booking

The benchmark BSE Sensex fell by 85 points on profit booking in early session on Tuesday as power, PSU, metal and oil & gas, FMCG and banking stocks retreated after participants booked profits.

The 30-share index fell by 85.12 points or 0.25% to 33,639.32 in early trading. The gauge had garnered 964 points in the previous eight sessions.

The broader Nifty of NSE dropped by 17.30 points or 0.17% to 10,382.25.

Apart from profit booking by participants in recent gainers, sustained foreign fund outflows dampened the sentiment, brokers said.

NTPC, ONGC, Power Grid, ICICI Bank, ITC Ltd, L&T, Dr Reddy’s, Reliance Industries, Bharti Airtel, Infosys, SBI and Coal India fell up to 1.67%.

Meanwhile, foreign funds sold shares worth Rs 424.77 crore on Monday, the provisional exchange data showed.

In the Asian region, Japan’s Nikkei rose 0.17 per cent, while Shanghai Composite Index shed 0.49%and Hong Kong’s Hang fell 0.65% in early deals.

Asian currencies were trading lower. China offshore spot was down 0.14%, Japanese yen 0.14%, South Korean won 0.12%, China renminbi 0.12%, Indonesian rupiah 0.11%, Malaysian ringgit 0.09% and Singapore dollar 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.917, up 0.03% from its previous close of 92.904.

The US Dow Jones Industrial Average ended 0.10% higher on Monday.

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