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Sensex sheds over 150 pts in early trade; Nifty slips below 17,500

Equity benchmark Sensex declined by more than 150 points in early trade on Friday, tracking losses in index majors Reliance Industries, HDFC twins and TCS amid a negative trend in global markets.

The 30-share index declined by 186.36 points or 0.32 per cent to 58,620.77 in opening trade. Similarly, the Nifty slipped 46.65 points or 0.27 per cent to 17,470.20.

Tech Mahindra was the top loser in the Sensex pack, shedding around 1 per cent, followed by Axis Bank, Reliance Industries, Titan and HCL Tech.

On the other hand, Asian Paints, Sun Pharma, M&M, IndusInd Bank, Tata Steel and Maruti were among the gainers.

In the previous session, the 30-share equity benchmark ended 157.45 points or 0.27 per cent higher at 58,807.13, and Nifty rose 47.10 points or 0.27 per cent to 17,516.85.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,585.55 crore on Thursday, according to the exchange data.

“Nifty at 17,500 is trading at around 20 times 1- year forward earnings, which is 40 per cent higher than the long-average.

“Since valuations continue to be high even after the correction, FIIs are likely to continue selling. This will cap the upside to the market in the short run,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Elsewhere in Asia, bourses in Shanghai, Tokyo, Seoul and Hong Kong were trading with losses in mid-session deals. Stock exchanges in the US too ended in the red in overnight session.

Meanwhile, international oil benchmark Brent crude slipped 0.05 per cent to USD 74.38 per barrel.

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