BSE Sensex falls 56 points in early trade on profit booking

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The benchmark BSE Sensex fell by 56 points in early trade today as funds and retail investors booked profits after recent gains amid a weak trend overseas. The 30-share index, which had gained 530.41 points in previous three sessions, fell by 56.51 points, or 0.19%, to 28,406.80. Profit booking in stocks of IT, banking, teck, consumer durables, power and capital goods sectors negatively impacted trading sentiments.
The National Stock Exchange index Nifty slipped below the 8,600-mark by falling 33.25 points, or 0.39%, to 8,576.80.
Brokers said besides profit booking by retail investors and funds after three sessions of gains, a mixed trend in global markets led to decline in domestic stocks. Apart from that, a cautious stance by participants ahead of the quarterly earnings by several bluechip companies including Infosys and RIL, to be released this week, influenced sentiments, they said.
Among other Asian markets, the Hong Kong market was down 0.23%, while China’s Shanghai Composite index shed 0.43%. Financial markets in Japan are closed today for public holiday.
The US Dow Jones Industrial Average ended 0.19% lower on Friday. Rupee down 9 paise against dollar in early trade.
The rupee weakened by 9 paise to 63.56 against the US dollar in early trade today as the American currency strengthened on expectations of interest rate hike by US Fed by the end of the year.
Besides, increased demand for the dollar from importers and a lower opening in the domestic equity market also weighed on the local currency, dealers said.
The rupee had gained four paise to close at 63.47 on Friday on fresh selling of dollars by banks and exporters. Meanwhile, the benchmark BSE Sensex fell by 56.51 points or 0.19% to 28,406.80 in early trade.

BSE-Sensex-falls-56-points-in-early-trade-on-profit-booking

Asmaa Mubita is a Kenyan journalist of international repute with over fifteen years of experience in broadcast journalism. Asmaa Mubita began his journalism career at the Kenyan state broadcaster (KBC) and later worked at the KTN owned by the Standard Group and Citizen Television, the flagship brand of Royal Media Services. These exploits together with his reporting experience with the Voice of America, CNN and BBC have been rewarded with local and global recognition.