Sensex down 95 pts, Nifty below 10750 in late morning trade

Sensex down 95 pts, Nifty below 10750 in late morning trade

According to market analysts, heavy selling pressure was witnessed in oil and gas and banking stocks.

The broader Nifty-50 index too was trading below the key 10,750-level at 10,713.10, down 28 points, or 0.26 per cent.

The BSE Sensex fell 238 points to close at 35,149 on Thursday.

The Sensex closed at 35,543.94, down 12.77 points from the previous close.

Meanwhile, the Nifty was trading lower by 64.90 points or 0.60% at 10,736.95 with 35 components falling.

The BSE market breadth was bearish with 1,645 declines and 993 advances.

Apart from political uncertainty in Karnataka, a weak trend in other Asian bourses following overnight losses at the Wall Street dampened sentiments, brokers said.

In January 2008, the BSE had recorded its biggest fall, losing over 2,000 points in just two consecutive sessions. Globally, most Asian markets fell after North Korea unexpectedly cancelled high-level talks with Seoul and threatened to call off the much anticipated summit with the United States, reigniting tensions on the peninsula.

The rupee firmed up by 22 paise to 67.58 against the United States dollar on increased dollar selling by banks and exporters amid the greenback's weakness against some currencies overseas.

The US market ended 0.78 percent lower in yesterday' s trade.

Among other Asian markets, Hong Kong's Hang Seng shed 0.49 per cent while Japan's Nikkei was down by 0.38 per cent in early trade today.

Punjab National Bank on Tuesday had reported a record quarterly loss of 134.17 billion rupees ($1.98 billion) with analysts anxious about the bank's growth prospects, while Syndicate Bank posted a loss of 21.95 billion rupees compared with a profit of 1.04 billion rupees a year ago.

Scrips of ICICI Bank, Reliance Industries, SBIN, HeroMoto Corp and Adani Ports dipped while Hindustan Unilever, ITC, Wipro and Yes Bank were positive.

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