Sensex falls over 150 pts, IT stocks drag; Rupee rises 13 paise to 69.22 vs US dollar in early trade

In the previous session Monday, the BSE gauge settled 71.53 points, or 0.18 per cent, lower at 39,122.96, and the Nifty dropped 24.45 points, or 0.21 per cent, to 11,699.65.

Domestic equity benchmark BSE Sensex fell over 150 points in early trade Tuesday tracking losses in IT stocks amid weak cues from other Asian markets. (PTI)

Mumbai: Domestic equity benchmark BSE Sensex fell over 150 points in early trade Tuesday tracking losses in IT stocks amid weak cues from other Asian markets. The 30-share index was trading 124.41 points, or 0.32 per cent, lower at 38,998.55 at 0930 hours. Similarly, the broader NSE Nifty was quoting 35.25 points, or 0.30 per cent, down at 11,664.40. In the previous session Monday, the BSE gauge settled 71.53 points, or 0.18 per cent, lower at 39,122.96, and the Nifty dropped 24.45 points, or 0.21 per cent, to 11,699.65. Top losers in the Sensex pack included HCL Tech, Sun Pharma, Hero MotoCorp, Asian Paints, Tata Steel, TechM, TCS and IndusInd Bank, shedding up to 1.44 per cent. On the other hand, Vedanta, ONGC, PowerGrid, RIL, NTPC, Maruti and Kotak Bank, rising up to 1.31 per cent. Domestic markets opened on a negative note following weak trade in other Asian equities, traders said. Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly lower in their respective early sessions. On Wall Street, S&P500 and Nasdaq too ended in the red on Monday. According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, multiple factors such as slowing economic growth, rising crude oil prices due to US- Iran skirmish and delay in monsoons are keeping domestic investor sentiment tepid. "Also, the upcoming union budget remains the key near term event in the market and the government efforts to revive the economy will be watched closely by market participants," he added. Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 207.33 crore, and domestic institutional investors purchased shares to the tune of Rs 984.43 crore, provisional data available with stock exchanges showed Monday. The global oil benchmark Brent crude futures fell 0.93 per cent to 63.58 per barrel. On the currency front, the Indian rupee appreciated 6 paise at 69.28 against the US dollar. The rupee appreciated by 13 paise to 69.22 against the US dollar in opening trade Tuesday, driven by easing crude oil prices and weakening of the US dollar in the overseas market. The rupee opened strong at 69.32 at the interbank forex market then gained further ground to touch 69.22 per dollar, displaying gains of 13 paise against the greenback. On Monday, the rupee had settled at 69.35 against the US dollar. Forex dealers said foreign fund inflows and selling of the American currency by exporters supported the rupee. Foreign investors bought shares worth Rs 207.33 crore on a net basis on Monday, provisional data showed. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 95.93. The benchmark BSE Sensex was trading 128.28 points, or 0.33 per cent down to quote at 38,994.68 while the NSE Nifty was trading at 11,666.30, down 33.35 points, or 0.29 per cent. Brent crude, the global benchmark, was trading at 64.25 per barrel lower by 0.94 per cent. Meanwhile, on the global front, US President Donald Trump on Monday said the Federal Reserve's reluctance to cut interest rates was standing in the way of economic expansion. The US Fed last week left benchmark US lending rates untouched. "Despite a Federal Reserve that doesn't know what it is doing... we are on course to have one of the best Months of June in US history," Trump tweeted.