The benchmark BSE Sensex fell over 100 points Tuesday after a five-session charming spree as investor cashed profits in IT, metal, banking, consumer durables, power, and auto shares amid continued foreign fund outflows. Cues from other Asian markets were weak too.
The BSE 30-share indicator dropped 134.05 points, or 0.37 percent, to 36,444.91 in early trade as index major Reliance Industries, Tata Steel, Tata Motors, ICICI Bank and Maruti Suzuki declined.
The measure had rallied over 725 points in the previous five sessions.
The NSE Nifty index too slipped by 45.90 points, or 0.42 percent, to 10,915.95.
Brokers said investor twisted careful and favored to log profits in recent gainers, exhausted down key indices.
Besides, a weak trend at most of the other Asian markets on concern about the global economic outlook, after the International Monetary fund (IMF) slashed its world financial forecast Monday, weigh on the sentiment here, they added.
The IMF lowers its global growth projection for 2019 and 2020 to 3.5 percent and 3.6 percent in that order, citing a slowdown in several advanced economies around the world more rapidly than previously anticipated.
The laggards were Tata Steel, IndusInd Bank, Vedanta, M&M, Yes Bank, Bajaj Auto, Coal India, Maruti Suzuki, RIL, Axis Bank, Infosys, HCL Tech, HDFC, HDFC Bank, PowerGrid, Asian Paint, HUL and SBI, falling up to 1.70 percent.
Meanwhile, foreign portfolio investors (FPIs) sustained their selling activity on familial bourses here. They sold shares worth a net Rs 29.79 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 520.80 crore Monday, provisional data showed.
Elsewhere in Asia, the Shanghai Composite Index fell 0.73 percent, Korea's Kospi was down 0.65 percent and Taiwan's index shed 0.21 percent. Hong Kong's Hang Seng fell 0.88 percent and Japan's Nikkei fell 0.06 percent.
The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank Forex market Tuesday on fresh selling of the American currency by exporters and banks.
