Sensex slips nearly 300 points, Nifty50 below 10,700 amid weak global cues

Indian shares witnessed a gap-down opening on Thursday in the wake of a selloff in Asian markets as worries of fresh tension flared up between the US and China after the arrest of Huawei CFO.

US stock futures and Asian shares tumbled on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers, Reuters reported.

Sensex and Nifty extended losses to the third consecutive session mostly on account of weak global sentiment, whereas RBI’s status quo on key rates failed to impress domestic market.

Rupee’s poor health too weighed on the sentiment. The domestic unit opened 33 paise down at 70.79 against the US dollar on account of some buying in American currency by banks and importers.

Around 9:25 am, the BSE Sensex was 281 points, or 0.78 per cent, down at 35,603, while Nifty was 77 points,or 0.72 per cent, down at 10,705. BSE Midcap and Smallcap indices fell up to 1 per cent in early trade.

Barring Sun Pharma and Power Grid, all components of the Sensex index were trading in the red.

Vedanata, falling over 3 per cent, was leading the pack of Sensex losers at that time.

Tata Steel, YES Bank, Maruti and Bharti Airtel featured among other top losers in the 31-share pack.

All Sectoral indices were in the red on BSE, with BSE Metal at the bottom with a loss of 2.20 per cent.

Vedanta, Hindalco, JSW Steel, Tata Steel and SAIL were reeling under selling pressure.

NCC, Kwality, IL&FS Transportation Networks, BEML and Mahindra & Mahindra Financial Services were leading among the losers on BSE, falling between 4 to 6 per cent.

Mindtree, Vakrangee, Coffee Day Enterprises, Sonata Software and Sun Pharmaceutical Industries defied bearish market sentiment and jumped up to 5 per cent in early trade on BSE.

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