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Sensex falls 113 pts on wider trade deficit, muted earnings

9:59 HRS IST

Mumbai, Nov 15 (PTI) The BSE benchmark Sensex dropped by
113 points in early session today, weighed down by metal
stocks, as trade deficit widened to an almost 3-year high.

Moreover, disappointing quarterly earnings by some blue-
chip companies and weak global cues made mood gloomy.

The 30-share index was trading lower by 113 points,
or 0.34 per cent, at 32,828.87. The gauge had lost 372.69
points in the previous two sessions.

All the sectoral indices led by metal, power and FMCG
were trading in the red, falling by up to 2.14 per cent.

The NSE Nifty fell 30.85 points, or 0.30 per cent, to
10,155.75 in early trade.

Exports entered negative terrain after over an year,
contracting 1.12 per cent in October. Trade deficit widened to
almost a 3-year high of USD 14 billion last month as imports
surged.

Metal stocks suffered the most following the decline in
metal prices in the global market, traders said.

Sun Pharma suffered the most among Sensex components by
tumbling 2.54 per cent after the pharma major yesterday
reported a big drop in consolidated net profit.

Other prominent losers included Tata Steel, ONGC, NTPC,
M&M and ITC Ltd.

Among other Asian markets, Hong Kong’s Hang Seng shed
0.10 per cent while Japan’s Nikkei was down by 0.93 per cent
in early trade today. The Shanghai Composite Index too inched
lower by 0.53 per cent.

The US Dow Jones Industrial Average ended 0.13 per cent
lower yesterday.

Source of news : Ptinews

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