Sensex down over 100 points in early trade, PSU banks gain

Equity indices continued to slip during early hours on Friday in line with their Asian peers as investors remained cautious amid corporate results season.

At 10:15 am, the BSE S & P Sensex was down 101 points at 37,730 while the Nifty 50 slipped 19 points to 11,234.

At the National Stock Exchange, sectoral indices were mixed with Nifty IT, media and metal in the red while PSU banks gained 1.7 per cent.

Among stocks, Indian Oil Corporation dropped by 2.6 per cent and traded at Rs 142.75 per share. Vedanta dropped by over 2 per cent, UPL by 1.8 per cent, Bharti Airtel by 1.5 per cent and ONGC by over 1 per cent.

However, Mahindra & Mahindra and Bharti Infratel edged higher by 2 per cent. The other prominent gainers were Bajaj Finserv, Indiabulls Housing Finance and Zee Entertainment.

Meanwhile, Asian stocks retreated after their US counterparts fell from record highs amid mixed corporate earning results.

Stocks fell in Japan and South Korea while China and Hong Kong opened lower as the European Central Bank unexpectedly held interest rates steady.

Uncertainties over whether Washington and Beijing will be able to settle differences over trade kept many investors on guard. Negotiators from the two sides will meet in Shanghai next week.

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