The Sensex fell more than 100 points in early trade following weak global cues and ahead of UP Assembly election outcome today. Banks, capital goods and metals stocks were under pressure.
Weaker growth expectations in China and less than expected economic data in eurozone dented sentiment globally, though US economic data was positive. Asian markets like Shanghai, Hang Seng, Kospi and Taiwan Weighted fell 1-1.4%; Nikkei was down 0.44% and Straits Times declined 0.9%.
The BSE benchmark fell 138 points to 17,225.24 and the NSE benchmark was down 44.5 points at 5,235.90.
Jaypee group were biggest losers as UP Assembly election results may not be favouring Bahujan Samaj Party. JP Associates tanked 5% and Jaiprakash Power was down 4%. However, Reliance Power, Reliance Communications and Reliance Infrastructure gained 1-2% as Samajwadi Party is in a leading position as suggested by vote counting.
Among frontliners, DLF, Axis Bank, Hindalco, L&T, BHEL, Bharti, IDFC, Bajaj Auto, Ambuja Cements and Hero Motocorp were down 1-2%.
The CNX Midcap was down 54 points to 7,474. Even the market breadth was negative; about two shares declined for every share rising on the NSE.
In the second line shares, Bajaj Hindusthan and Triveni Engineering gained 1.5%.
IGL was up 2% post the company increased CNG prices by Rs 1.90/kg in Ghaziabad, Greater Noida
Kingfisher Airlines gained 0.65% after Business Standard reports that TPG, Blackstone and Cerberus are eyeing stake in the company.
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