Sensex Opens Weak At 300 Points, Nifty Drops Below 10,700 Points

MARKET

The BSE benchmark Sensex cracked over 300 points and the NSE Nifty fell below 10,700 in early trade Thursday on heavy selloff in metal and oil stocks ahead of the Opec meeting to discuss production policy, amid weakness in Asian equities.

Global investor sentiment was weak as the chances of peaceful trade negotiations between the US and China dimmed on news that Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

The 30-share Sensex was trading 298.53 points, or 0.83 per cent, lower at 35,585.88. The index tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41 on Wednesday.

In similar movement, the NSE Nifty was trading 94 points, or 0.87 per cent, lower at 10,688.90.

All sectoral indices were trading with losses, led by metal, oil and gas, realty, FMCG, auto and banking stocks.

Top losers include Vedanta, Bharti Airtel, Tata Steel, Yes Bank, Maruti, IndusInd Bank, ONGC, ICICI Bank, Tata Motors, Kotak Bank and NTPC, falling up to 3 per cent