Sensex drops 116 points after hitting 20k-level

The S&P BSE benchmark Sensex today dropped 116 points in late morning trade after hitting the 20,000 level after fresh selling in banking, auto, IT, teck and metal stocks.
The BSE 30-share barometer Sensex opened higher at 20,046.05 points and advanced further to 20,052.05 on initial buying in view of persistent foreign capital inflows.
However, it declined afterwards to 19,834.17 before quoting 19,881.04 points at 1030 hours, showing a loss of 116.41 points or 0.58 per cent from its last close.
The NSE 50-share index Nifty also moved down by 39.50 points, or 0.67 per cent, to 5,873.65 at 1030 hours.

Major losers were - Hero Motocorp (2.91 pc), Sesa Goa (2.36 pc), HDFC Bank (2.25 pc), ICICI Bank (1.94 pc), HUL (1.72 pc), Hindalco (1.57 pc) and M&M (1.33 pc).
Foreign institutional investors (FIIs) bought shares worth a net Rs 586.50 crore yesterday, as per provisional data from the stock exchanges.
Most Asian stock markets saw modest gains in their early trade with energy stocks offering a bright spot after an increase for oil futures, though Japanese shares lagged.
Key benchmark indices in Taiwan, Hong Kong, China, South Korea and Singapore rose by 0.05 to 0.6 per cent while indices in Indonesia and Japan fell by 0.26 to 0.47 per cent.