Opening Bell: Sensex Drops 33 Points In Early Trade, IT Stocks Drag

Market benchmark BSE Sensex on Tuesday slipped over 33 points in early trade, due to losses in select private banks, IT and auto stocks amid fresh infusion of funds by foreign investors. The 30-share index was trading 33.67 points or 0.08 per cent lower at 40,453.76 in morning trade. The broader Nifty was trading 11.00 points or 0.09 per cent down at 11,926.50.

Top losers in the Sensex pack in early trade included Yes Bank, TCS, Tech Mahindra, PowerGrid, Infosys, Axis Bank, ITC and IndusInd Bank, falling up to 2.22 per cent.

On the other hand, Sun Pharma, Tata Motors, HUL, ONGC, HDFC, Bajaj Finance and SBI gained up to 1.76 per cent.

In the previous session, the Sensex settled with gains of 42.28 points or 0.10 per cent at 40,487.43. The 50-scrip NSE Nifty closed 16 points or 0.13 per cent higher at 11,937.50.

Foreign institutional investors (FIIs) emerged as net buyers in the capital market, infusing Rs 459.22 on Monday, while domestic institutional investors bought shares worth Rs 74.93 crore, data available with stock exchange showed.

Meanwhile, the rupee appreciated by 6 paise to 70.98 in early session on Tuesday.

Brent futures, the global oil benchmark, fell 0.09 per cent to USD 64.19 per barrel.

Chinese consumer price index surged 4.5 per cent in November, the National Bureau of Statistics (NBS) said, the highest rate since January 2012.

In early trade Hong Kong slipped 0.1 per cent, Shanghai eased 0.2 per cent, Tokyo slipped marginally. Sydney, Singapore and Taipei fell 0.2 per cent. However, Seoul and Jakarta edged higher.

On Wall Street, the Dow Jones closed 0.4 per cent lower at 27,909.60.