Indian equities continued to trade lower in early morning deals on Thursday, tracking weak cues from Asian peers, as trade wars and risks in emerging markets currencies weighed on investor sentiment. Overseas, the Asian stocks were bleeding in red, after sharp sell-off in the US stocks in overnight trade, with Japan’s Nikkei 225, Hang Seng and Shanghai composite down over 3 per cent. Shares of Tata Consultancy Services (TCS) tumbled nearly 5 per cent on Bombay Stock Exchange, as equity markets suffered a rout, with investor resorted to profit booking ahead of its September quarter earnings slated to be released today.
At 10:20 hours, the 30-share benchmark index was trading at 33893.59, down by 867.3 points or by 2.5 per cent, and the NSE Nifty was at 10180.75, down by 279.35 points or by 2.67 per cent.
The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 552.40,-5.26%), State Bank of India (Rs. 265.15,-4.66%), Vedanta Ltd. (Rs. 208.80,-4.20%), Housing Development Finance Corporation Ltd. (Rs. 1680.90,-3.32%), Axis Bank Ltd. (Rs. 570.25,-3.24%), among others.
Among the thirteen sector indices, all the indices opened bleeding in red with metal and realty stocks emerged as top losers on BSE, falling as much as 4.1 per cent and 3.51 per cent, respectively.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2099, shares advanced were 404 while 1607 shares declined and 88 were unchanged.