Sensex down over 100 points; Nifty below 10,250

NEW DELHI: Market on Tuesday opened in red with the benchmark BSE Sensex sliding over 100 points to trade below the 34,000-mark. Sensex plunged 114 points to 33,954 in early trade, while the broader NSE Nifty stood below 10,250.

At 11:35 am: Sensex was 123 points down in a volatile trade; Nifty at 10,225

Both the indices had turned positive amid gains in IT and banking stocks. At 10:34 am, Sensex was up 106 points at 34,173 and Nifty traded above 10,250.

IndusInd Bank, Reliance Industries, Coal India and Tata Steel were among the top losers on the BSE index with their stocks down as much as 1.95 per cent. On NSE, sub-indices Nifty Pharma and Metal saw major losses, sliding as much as 0.51 per cent.

Snapping its two-day losing streak, the 30-share BSE scrip had ended 718 points, or 2.15 per cent, higher at 34,067 on Monday. It had opened 173 points, or 0.52 per cent, higher at 33,522.64.

Market sentiments were revived by the Reserve Bank's decision to pump in Rs 40,000 crore into the system in November through purchase of government securities, with an aim to tackle liquidity crunch.

Asian shares came under pressure on Tuesday with Chinese markets and the yuan falling, hurt by fresh worries about the intensifying Sino-US trade war and tracking losses in Wall Street indexes.

“The probability of global stocks turning to a bear market is increasing,” said Masanari Takada, cross-assets strategist at Nomura Securities.

Meanwhile, the rupee weakened by 16 paise to 73.61 against the US dollar in early trade, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

(With inputs from agencies)