Sensex drops 100 pts in early trade; Nifty tests 11,300

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Domestic equity benchmark Sensex dropped over 100 points in early trade on Monday tracking tepid cues from global equities. After opening on a volatile note, the 30-share BSE index was trading 101.60 points or 0.26 per cent lower at 38,255.58; while the NSE Nifty slipped 25.80 points or 0.23 per cent at 11,308.05. M&M was the top loser in the Sensex pack, shedding around 2 per cent, followed by Bajaj Auto, Kotak Bank, HDFC Bank, HCL Tech, Bajaj Finance, Bharti Airtel, ITC and UltraTech Cement. On the other hand, Tata Steel, Maruti, Axis Bank, Asian Paints, Titan and Sun Pharma were among the gainers.
In the previous session, Sensex ended 633.76 points or 1.63 per cent lower at 38,357.18, while Nifty plunged 193.60 points or 1.68 per cent to close at 11,333.85.
Exchange data showed that foreign institutional investors sold equities worth Rs 1,888.78 crore on a net basis on Friday.
Domestic equities turned cautious in early trade tracking mixed cues from global equities, traders said.
According to Ajit Mishra, VP Research, Religare Broking, participants will continue to take cues from the global markets this week in the absence of any major event.
Markets are facing headwinds from both domestic and global front and indications are pointing towards further slide ahead,' he added.
Bourses in Hong Kong and Seoul were trading with gains in mid-session deals, while Shanghai and Tokyo were in the red.
Global oil benchmark Brent crude was trading 0.94 per cent lower at USD 42.26 per barrel.

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