Sensex drops 61 pts on negative global cues, Re

Sensex drops 61 pts on negative global cues, Re

The benchmark Sensex slipped below the 35,000-mark by dropping over 100 points to 34,911.11 in early trade Monday after banking, metal and auto stocks declined following weak global cues and profit-booking. Reuters File Photo

The benchmark BSE Sensex dropped 61 points and settled below the 35,000 mark on Monday, tracking weak Asian stocks amid uncertainty around the China-US trade war, fall in rupee and unabated foreign fund outflows.

The Sensex fell below the 35,000-level to touch a low of 34,811.60 due to heavy selling pressure in view of foreign capital outflows and weak global cues.

However, fag-end buying helped to trim losses and the index closed at 34,950.92 with a fall of 60.73 points, or 0.17 per cent.

The gauge had rallied almost 580 points on Friday.

The broader NSE Nifty, after slipping below the 10,500-mark to hit a low of 10,477, finally concluded 29 points, or 0.27 per cent, down at 10,524.

The rupee depreciated 67 paise, to 73.12 (intra-day) against the dollar too had a negative influence.

The market was volatile in a narrow range due to weak global cues and selling pressure in pharma, FMCG and auto, analysts said.

"Rupee weakened on account of crunch in domestic liquidity while a gradual decline in yield may ease the concern. Investors’ were a bit conservative in the holiday-shortened week due to uncertainty regarding US-China trade deal and Fed policy," they added.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 196.90 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 852.99 crore.

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