Sensex stages recovery after falling 300 points in early trade

Sensex stages recovery after falling 300 points in early trade

Meanwhile, the benchmark BSE Sensex dropped 293.31 points, or 0.85 per cent, to 33,899.34 in opening deals.

The benchmark BSE Sensex was trading 50 points, or 0.15% lower on Monday morning, recovering from its sharp losses in opening trade which saw the gauge plunge by almost 300 points, amid weak Asian cues after a US-led strike on Syrian targets fuelled fresh geopolitical concerns.

Market breadth was negative with 628 advances against 849 declines.

On the other hand, stocks of Tata Motors suffered the most by crashing 4.96 per cent after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its United Kingdom sites. Tata Motors share price opened at Rs 350.80 today, but extended losses to slip as much as 5.25 per cent to Rs 337.90 on the BSE.

Shares of Infosys fell 3.10 per cent after company reported less-than-expected FY19 revenue guidance. It was top loser on Sensex and Nifty. But, a weak dollar against major global currencies capped some losses, forex dealers said.

Among the early losers were Tech Mahindra, Wipro, Tata Motors, Axis Bank, IOC, Hindalco, Vedanta and ICICI Bank while Hero Motocorp, Bajaj Auto, M&M, Cipla, ITC and Bajaj Finserv gained. Cement stocks such as ACC and Ambuja Cements also incurred smart gains. Shares of reliance Industries and Infosys also pressurized the indices to trade in red.

Last week, the Sensex ended with third consecutive weekly gain by a solid 565.68 points to conclude at 34,192.65, while the broader Nifty reclaimed to close above the key 10,400-level at 10,480.60. All the sub-indices were trading in the green. 30-share BSE Sensex lost nearly 150 points to open below 34,000-mark, but the index soon mad e a comeback and was at 34,119.45, still 73.20 points down, at 9.30 am. Globally, in the Asian region, Japan's Nikkei moved up 0.26 per cent, while Hong Kong's Hang Seng fell 1.60 per cent and Shanghai Composite index fell 1.53 per cent. Both these indices outperformed the Sensex.