Sensex falls over 100 points in early trade; ONGC rallies 6 pc
Market benchmark BSE Sensex fell over 100 points in early trade on Friday on selling in health care, metal, banking and auto stocks amid sustained foreign fund outflow and rising global crude prices.
Also, a weak trend in other Asian bourses weighed on domestic investor sentiment.The 30-share Sensex was trading 88.01 points, or 0.25 per cent, lower at 35,788.21. The index had lost nearly 1,000 points in the previous six sessions.
On the other hand, ONGC was the biggest gainer in the Sensex pack, rallying over 6 per cent, after the state-owned company on Thursday reported a 65 per cent jump in its third quarter net profit as higher prices made up for a fall in oil output.
“Wholesale price index numbers came in at 2.76 per cent in January against 3.8 per cent in December. The decline in inflation may further increase the probability of the Reserve Bank of India to cut interest rates in the coming months,” said Hemang Jani, Head, Advisory, Sharekhan by BNP Paribas.
Q3FY19 earnings so far have been lacklustre. The general elections will play a crucial role in the short term; and as we move closer to the elections one can expect the volatility in the market to only increase, he added.
Other gainers include NTPC, PowerGrid, Coal India, L&T and ICICI Bank, rising up to 5.60 per cent. Sectoral indices led by health care, metal, banking, auto and realty were trading in the negative terrain, falling by up to 1.20 per cent.
Meanwhile, on a net basis, foreign portfolio investors sold shares worth Rs 250.23 crore, while domestic institutional investors bought shares worth Rs 1,225.24 crore on Thursday, provisional data showed.
Global investor sentiment was also dampened after US retail sales recorded its biggest drop since 2009, raising fresh doubts about the strength of the US economy, offsetting optimism on trade talks between the US and China, brokers said.







