Sensex falls 113 points on wider trade deficit, muted earnings

The BSE benchmark Sensex dropped by 113 points in early session today, weighed down by metal stocks, as trade deficit widened to an almost 3-year high.
Image used for representational purpose only.
Image used for representational purpose only.

MUMBAI: The BSE benchmark Sensex dropped by 113 points in early session today, weighed down by metal stocks, as trade deficit widened to an almost 3-year high.

Moreover, disappointing quarterly earnings by some blue- chip companies and weak global cues made mood gloomy. The 30-share index was trading lower by 113 points, or 0.34 percent, at 32,828.87. The gauge had lost 372.69 points in the previous two sessions.

All the sectoral indices led by metal, power and FMCG were trading in the red, falling by up to 2.14 percent. The NSE Nifty fell 30.85 points, or 0.30 percent, to 10,155.75 in early trade. Exports entered negative terrain after over a year, contracting 1.12 percent in October.

The trade deficit widened to almost a 3-year high of USD 14 billion last month as imports surged. Metal stocks suffered the most following the decline in metal prices in the global market, traders said. Sun Pharma suffered the most among Sensex components by tumbling 2.54 percent after the pharma major yesterday reported a big drop in consolidated net profit.

Other prominent losers included Tata Steel, ONGC, NTPC, M&M and ITC Ltd. Among other Asian markets, Hong Kong's Hang Seng shed 0.10 percent while Japan's Nikkei was down by 0.93 percent in early trade today. The Shanghai Composite Index too inched lower by 0.53 percent. The US Dow Jones Industrial Average ended 0.13 percent lower yesterday.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com