Opening Bell: Sensex Slips 214 Points, Nifty Cracked Below 10,600-Mark on Global Cues

Mumbai, May 30: Benchmark Sensex declined by over 214 points in opening trade today, extending yesterday's fall, tracking a weak trend in global markets amid fresh concerns of a possible China-US trade war. Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiments. There was caution among investors ahead of the May month derivatives expiry tomorrow.

The 30-share index, which had lost 216.24 points in the previous session, drifted down by 214.13 points, or 0.61 percent, to 34,735.11. The NSE Nifty cracked below the 10,600-mark by falling 69.45 points, or 0.65 percent, to 10,563.85. All sectoral indices led by bank, oil & gas and capital goods were in the negative zone, slipping up to 1.02 percent.

Brokers said sustained foreign funds outflows, weak trend at other Asian markets and overnight losses at the Wall Street, rattled by renewed concerns of a possible China-US trade war and political uncertainty in Italy, mainly triggered selling here. Major losers included Hero MotoCorp, Tata Motors, ICICI Bank, Axis Bank, SBI, Bajaj Auto, Bharti Airtel, Adani Ports, Yes Bank, Dr Reddy's and HDFC Ltd, falling by up to 1.92 percent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 407.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 578.38 crore yesterday, provisional data showed. Globally, Hong Kong's Hang Seng index was down 1.62 percent, while Japan's Nikkei shed 1.79 percent in early trade today. Shanghai Composite too was down by 2.04 percent. The US Dow Jones ended 1.58 percent lower in yesterday's trade.

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