Sensex drops over 150 pts, Nifty slips below 11,300

Equity benchmark BSE Sensex dropped over 150 points on Thursday tracking losses in banking stocks amid unabated foreign fund outflow.

The 30-share index was trading 170.98 points, or 0.45 per cent, lower at 38,006.97 at 0930 hours. Similarly, the broader NSE Nifty fell 48.60 points, or 0.43 per cent, to 11,264.70.

Top losers in the Sensex pack during early session included SBI, ICICI Bank, Tata Motors, Yes Bank, Tata Steel, Axis Bank, HDFC twins, M&M, Bajaj Finance and IndusInd Bank, shedding up to 2.66 per cent.

On the other hand, Bharti Airtel, RIL, Infosys, TCS and Sun Pharma advanced up to 5 per cent.

In the previous session, the BSE barometer surged 645.97 points or 1.72 per cent to end at 38,177.95, while the Nifty zoomed 186.90 points or 1.68 per cent to 11,313.30.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 485.24 crore on Wednesday, while domestic institutional investors bought shares worth Rs 956.26 crore, data available with stock exchange showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading on a positive note in early trade amid hopes of a trade deal between the US and China as they hold the next round of trade negotiations on October 10. Exchanges in Seoul were trading in the red.

Stocks on Wall Street ended on a positive note on Wednesday.

The rupee, meanwhile, appreciated 5 paise against its previous close to trade at 71.02 in early session.

Brent futures, the global oil benchmark, fell 0.17 per cent to USD 58.22 per barrel.