Sensex turns negative on weak Asian cues, profit-booking

After starting on a positive note, the benchmark BSE Sensex fell over 80 points in early trade today on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries.

The 30-share index, after opening 80.89 points higher, turned negative on profit-booking at current levels to quote 86.59 points, or 0.22 per cent, lower at 35,089.83.

The gauge had rallied 675.15 points in the previous four sessions.

The 50-share NSE Nifty also turned negative and shed 27.80 points, or 0.26 per cent, to 10,690.25 after a positive opening.

The laggards were Wipro, HUL, Tata Motors, Bharti Airtel, Dr Reddy's, Yes Bank, L&T, Coal India, HDFC Bank, M&M, Power Grid, RIL and Tata Steel, falling up to 1.43 per cent.

Top gainers included Axis Bank, ICICI Bank, Adani Ports, Yes Bank, SBI and ONGC, rising up to 2 per cent.

Brokers said, market participants booked profits tracking a weak trend in other Asian bourses, following overnight losses on the Wall Street after the US Federal Reserve kept its benchmark interest rate unchanged at 1.5 per cent to 1.75 per cent.

Investors were also keeping an eye on high-level talks between China and the United States on trade in Beijing today, they added.

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed.

Among other Asian markets, Hong Kong's Hang Seng shed 1.75 per cent, while Shanghai Composite Index lost 0.51 per cent in early trade today. Financial markets in Japan are closed for a four-day holiday weekend.

The US Dow Jones Industrial Average closed 0.72 per cent lower in yesterday's trade.