Sensex drops 119 points in late morning trade

The BSE benchmark Sensex turned volatile dropping 118.85 points in late morning deals amid selling in most of the sectors led by auto, metal, teck, healthcare, IT and banking counters loomed by weak Asian trend.
Caution gripped sentiment as all eyes are set on US Federal Reserve officials annual conference in Jackson Hole this Friday after hawkish comments from key Fed officials last week on Interest rate hike.
Meanwhile, buying interest was seen in realty, FMCG consumer durables segments.
The 30-share index resumed higher at 28,088.07 and hovered between 28,143.28 and 27,923.79 before quoting at 27,958.15 at 1100 hrs, showing a loss of 118.85 points or 0.42 per cent from its last close.

The NSE 50-share Nifty also trading lower by 38 points or 0.44 per cent at 8,628.90.
Major losers were, Lupin by 1.84 pct, SunPharma 1.62 pct, ICICI bank 1.36 pct, NTPC 1.35 pct and Tata Steel 1.33 pct.

Notable gainers include, HUL 1.80 pct, ITC 1.02 pct, GAIL 0.41 and Cipla 0.32.
Meanwhile, closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 409.94 crore last Friday, as per provisional data released by the stock exchanges.
Overseas, Asian markets were trading mixed amid uncertainty whether the US Federal Reserve is readying an interest rate hike next month.
US stocks registered small losses last Friday with traders holding their horses ahead of a speech from Federal Reserve chair Janet Yellen at Jackson Hole this week.