Extending its losing streak for the third session in a row, the benchmark Sensex fell by over 161 points and Nifty slipped below the 8,300 mark in early trade on Wednesday on continued selling by participants on disappointing company earnings coupled with weak global cues.
Besides, caution ahead of Thursday’s May expiry in the derivatives segment and the rupee breaching the 64 mark against the dollar weighed on sentiment.
The 30-share index was trading down by 161.58 points, or 0.59 per cent, at 27,369.83 with all the sectoral indices led by auto and IT trading in the negative terrain with losses up to 1.94 per cent.
The gauge lost 426.09 points in the previous two sessions on lower-than-expected earnings numbers from blue-chips.
On similar lines, the NSE Nifty slipped below the crucial 8,300 level by falling 59.05 points, or 0.71 per cent, to 8,280.30.
Brokers said continued selling by participants triggered by poor Q4 show by Tata Motors and other blue-chip companies and a weak global trend amid fears about Greek fiscal woes and concerns that the US Fed is on track for a rate increase this year dented sentiment.
Shares of Tata Motors plunged 5.37 per cent to Rs 470.40 after the company on Tuesday reported a 56.19 per cent decline in consolidated net profit at Rs 1,716.50 crore for the fourth quarter ended March.
Meanwhile, the rupee was trading 17 paise down at 64.15 against the dollar at the forex market in early trade on Wednesday.
Among other Asian markets, Hong Kong’s Hang Seng fell 0.36 per cent and Japan’s Nikkei shed 0.28 per cent in early trade on Wednesday.
The US Dow Jones ended 1.04 per cent lower in Tuesday’s trade.