Sensex slips over 250 points in afternoon trade, Nifty below 11,000; FMCG, IT stocks down

The domestic share market gained around 0.7 per cent each in opening trade this morning, with the BSE Sensex moving 286 points up to an intra-day high of 36,938.74 points.

Both BSE Sensex and Nifty50 dipped into the red after opening on a positive note in early morning trade. (Image: PTI)

Share market updates: The key domestic stock market indices – Sensex and Nifty – continued their downward trade deals on Wednesday weighted by the fast moving consumer goods (FMCG) and information technology (IT) stocks in afternoon trade. Both BSE Sensex and Nifty 50 dipped into the red after opening on a positive note in early morning trade. Sensex is down over 250 points whereas the Nifty 50 tested the 11,000 level. The domestic share market gained around 0.7 per cent each in opening trade this morning, with the BSE Sensex moving 286 points up to an intra-day high of 36,938.74 points. Even the Nifty 50 index witnessed a high rise by 78 points to an intra-day high of 11,145.55 points. On Tuesday, Yes Bank shared surged by 4 per cent after the board decided to seek at least a three-month extension for incumbent CEO Rana Kapoor beyond RBI’s deadline of January 31, 2019. Some top gainers of Sensex index in early morning deals were Yes Bank, Reliance Industries, Infosys, Tata Steel, Sun Pharma and M&M. Pack of top laggards on the Nifty 50 index was headed by Tata Motors followed by HCL Tech, ITC, SBIN, Wipro amonst others. As per reports, even the Midcaps under-performed while sectoral indices related to FMCG, banks, auto, IT, metal, pharma and PSU Bank slipped on the NSE. As per market analysts, investors were cautious ahead of the US Federal Reserve's monetary policy meet later in the day. Selling pressure was witnessed in the auto, FMCG and IT stocks. At 12.57 pm, the Nifty 50 traded at 11,039.75 points, lower by 27.70 points or 0.25 per cent from the previous close. According to new agency Reuters, Asian shares pulled ahead on Wednesday as Chinese markets continued with their recovery to hit eight-week highs on receding fears about the trade war.