Sensex drops over 150 pts, Nifty slips below 11,300

(PTI) Equity benchmark BSE Sensex dropped over 150 points on Thursday tracking losses in banking stocks amid unabated foreign fund outflow.

The 30-share index was trading 170.98 points, or 0.45 percent, lower at 38,006.97 at 0930 hours. Similarly, the broader NSE Nifty fell 48.60 points, or 0.43 percent, to 11,264.70.

Top losers in the Sensex pack during the early sessions included SBI, ICICI Bank, Tata Motors, Yes Bank, Tata Steel, Axis Bank, HDFC twins, M&M, Bajaj Finance and IndusInd Bank, shedding up to 2.66 percent.

On the other hand, Bharti Airtel, RIL, Infosys, TCS, and Sun Pharma advanced up to 5 percent.

In the previous session, the BSE barometer surged 645.97 points or 1.72 percent to end at 38,177.95, while the Nifty zoomed 186.90 points or 1.68 percent to 11,313.30.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 485.24 crore on Wednesday, while domestic institutional investors bought shares worth Rs 956.26 crore, data available with the stock exchange showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Tokyo were trading on a positive note in early trade amid hopes of a trade deal between the US and China as they hold the next round of trade negotiations on October 10. Exchanges in Seoul were trading in the red.

Stocks on Wall Street ended on a positive note on Wednesday.

The rupee, meanwhile, appreciated 5 paise against its previous close to trade at 71.02 in early session.

Brent futures, the global oil benchmark, fell 0.17 percent to USD 58.22 per barrel.

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