Sensex drops down over 300 points and Nifty fell below 10,700

Sensex drops down over 300 points and Nifty fell below 10,700

Sensex drops down over 300 points and Nifty fell below 10,700

In today’s early trade BSE benchmark Sensex cracked over 300 points and the NSE Nifty fell below 10,700 in early trade on Thursday on heavy sell-off in metal and oil stocks ahead of the Opec meeting to discuss production policy, amid weakness in Asian equities. Global investor sentiment was weak as the chances of peaceful trade negotiations between the US and China dimmed on news that Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

The 30-share Sensex was trading 298.53 points, or 0.83 per cent, lower at 35,585.88. The index tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41 on Wednesday. In similar movement, the NSE Nifty was trading 94 points, or 0.87 per cent, lower at 10,688.90. All sectoral indices were trading with losses, led by metal, oil and gas, realty, FMCG, auto and banking stocks.