<p>Equity benchmark Sensex dropped over 300 points in early trade on Wednesday tracking losses in index majors HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.</p>.<p>The 30-share BSE index was trading 310.50 points or 0.60 per cent lower at 51,793.67.</p>.<p>Similarly, the broader NSE Nifty was quoting 74.35 points or 0.49 per cent down at 15,239.10.</p>.<p>Nestle India was the top loser in the Sensex pack, shedding around 4 per cent, followed by ONGC, HDFC, TCS, PowerGrid and ICICI Bank.</p>.<p>On the other hand, Bajaj Auto, SBI, Bajaj Finance and Reliance Industries were among the gainers.</p>.<p>In the previous session, Sensex settled 49.96 points or 0.10 per cent lower at 52,104.17, and Nifty inched 1.25 points or 0.01 per cent lower to close at 15,313.45.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,144.09 crore on Tuesday, according to exchange data.</p>.<p>According to Binod Modi Head-Strategy at Reliance Securities, domestic markets do not look to be inspiring at the moment. A continued buying from FPIs has been a major driving force for the market in the recent period.</p>.<p>“The recent revival in earnings rebound is likely to sustain in subsequent fiscals. However, rise in commodity prices and risk emanating from hardening bold yields could be a medium-term concern.</p>.<p>“While we remain positive about the outlook of equities for the long-term perspective, markets may witness some amount of pullback in the near term and rotational trading might be visible,” he said.</p>.<p>Modi noted that US equities finished mostly lower on Tuesday as sharp spike in 10-year treasury yield and energy prices dampened investors’ sentiments.</p>.<p>Elsewhere in Asia, bourses in Hong Kong were trading on a positive note in mid-session deals, while those in Tokyo and Seoul were in the red.</p>.<p>Meanwhile, the global oil benchmark Brent crude was trading 0.21 per cent higher at USD 63.48 per barrel. </p>
<p>Equity benchmark Sensex dropped over 300 points in early trade on Wednesday tracking losses in index majors HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.</p>.<p>The 30-share BSE index was trading 310.50 points or 0.60 per cent lower at 51,793.67.</p>.<p>Similarly, the broader NSE Nifty was quoting 74.35 points or 0.49 per cent down at 15,239.10.</p>.<p>Nestle India was the top loser in the Sensex pack, shedding around 4 per cent, followed by ONGC, HDFC, TCS, PowerGrid and ICICI Bank.</p>.<p>On the other hand, Bajaj Auto, SBI, Bajaj Finance and Reliance Industries were among the gainers.</p>.<p>In the previous session, Sensex settled 49.96 points or 0.10 per cent lower at 52,104.17, and Nifty inched 1.25 points or 0.01 per cent lower to close at 15,313.45.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,144.09 crore on Tuesday, according to exchange data.</p>.<p>According to Binod Modi Head-Strategy at Reliance Securities, domestic markets do not look to be inspiring at the moment. A continued buying from FPIs has been a major driving force for the market in the recent period.</p>.<p>“The recent revival in earnings rebound is likely to sustain in subsequent fiscals. However, rise in commodity prices and risk emanating from hardening bold yields could be a medium-term concern.</p>.<p>“While we remain positive about the outlook of equities for the long-term perspective, markets may witness some amount of pullback in the near term and rotational trading might be visible,” he said.</p>.<p>Modi noted that US equities finished mostly lower on Tuesday as sharp spike in 10-year treasury yield and energy prices dampened investors’ sentiments.</p>.<p>Elsewhere in Asia, bourses in Hong Kong were trading on a positive note in mid-session deals, while those in Tokyo and Seoul were in the red.</p>.<p>Meanwhile, the global oil benchmark Brent crude was trading 0.21 per cent higher at USD 63.48 per barrel. </p>