Sensex drops over 100 points on weak global cues, rising crude prices
Investors turn cautious over unstable market trends
Mumbai: The BSE benchmark Sensex dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by domestic institutional investors.
The 30-share index was trading 133.27 points, or 0.37 per cent, lower at 36,107.73 at 0945 hrs. The index had closed with a marginal gain of 47 points at 36,241 Monday.
In a similar movement, the NSE Nifty was trading 31.20 points, or 0.29 per cent, down at 10,852.55.
US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce and halted their tariff war at the G20 meet.
The White House announced after talks between President Donald Trump and Chinese counterpart Xi Jinping Saturday that a tariff hike that had been due January 1 would be suspended for three months while the two sides negotiate a resolution.
The market is also in wait-and-watch mode ahead of the outcome of the Reserve Bank of India’s fifth bimonthly monetary policy meeting for 2018-19.
The rupee, meanwhile, depreciated 9 paise to 70.55 against the US dollar in early trade at the interbank foreign exchange, amid strengthening of the US dollar and rise in crude oil prices.
Brent crude, the international benchmark, was trading 1 per cent up at USD 62.31 per barrel.