Mumbai
The BSE benchmark Sensex on Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.

The biggest losers in the Sensex pack include M&M, HDFC twins, Kotak Bank, Reliance Industries, Axis Bank, Tata Steel, Vedanta and ONGC, falling up to 2 percent. Weakness in Asian stocks and selling by foreign institutional investors hit market sentiment on Wednesday, traders said.

The 30-share index was trading 198.83 points, or 0.55 per cent, lower at 36,055.74 in morning trade.Similarly, the NSE Nifty declined by 61.35 points, or 0.56 per cent, to 10,848.75.

According to Hemang Jani, Head, Advisory, Sharekhan by BNP Paribas, low trading volumes are expected during the week, as worldwide financial markets were closed on New Year day.

Elsewhere in Asia, Hong Kong’s Hang Seng was down 2.4 per cent, Kospi fell 1.02 per cent and Shanghai Composite Index dropped 1.01 per cent in early trade.

On a net basis, foreign portfolio investors sold shares worth Rs 48.19 crore on Tuesday, while domestic institutional investors were net buyers of Rs 142.58 crore, provisional data available with BSE showed.