Sensex falls over 150 points, IT stocks drag

Domestic equity benchmark BSE Sensex fell over 150 points in early trade on Tuesday tracking losses in IT stocks amid weak cues from other Asian markets.The 30-share index was trading 124.41 points, or 0.32 per cent, lower at 38,998.55 at 0930 hours. Similarly, the broader NSE Nifty was quoting 35.25 points, or 0.30 per cent, down at 11,664.40.In the previous session Monday, the BSE gauge settled 71.53 points, or 0.18 per cent, lower at 39,122.96, and the Nifty dropped 24.45 points, or 0.21 per cent, to 11,699.65.
Top losers in the Sensex pack included HCL Tech, Sun Pharma, Hero MotoCorp, Asian Paints, Tata Steel, TechM, TCS and IndusInd Bank, shedding up to 1.44 per cent.On the other hand, Vedanta, ONGC, PowerGrid, RIL, NTPC, Maruti and Kotak Bank, rising up to 1.31 per cent.Domestic markets opened on a negative note following weak trade in other Asian equities, traders said.Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly lower in their respective early sessions.On Wall Street, S&P500 and Nasdaq too ended in the red on Monday.
According to Hemang Jani, Head-Advisory, Sharekhan by BNP Paribas, multiple factors such as slowing economic growth, rising crude oil prices due to US-Iran skirmish and delay in monsoons are keeping domestic investor sentiment tepid."Also, the upcoming union budget remains the key near term event in the market and the government efforts to revive the economy will be watched closely by market participants," he added.
Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 207.33 crore, and domestic institutional investors purchased shares to the tune of Rs 984.43 crore, provisional data available with stock exchanges showed on Monday.The global oil benchmark Brent crude futures fell 0.93 per cent to 63.58 per barrel.On the currency front, the Indian rupee appreciated 6 paise at 69.28 against the US dollar. 

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