Markets Give Up Early Gains: Sensex Falls 90 Points, Nifty Below 10,850

Domestic stock markets started the first session of calendar year 2019 on a lacklustre note. The Sensex opened 93 points higher at 36,161 and Nifty at 10,881, up 19 points from the previous close. However, the benchmark indices reversed those gains in first few minutes of trade, with the Sensex falling as much as 89 points to hit 35,978, and the Nifty shedding 29 points to touch 10,832. Weakness in auto and metal stocks amid absence of cues from Asian peers, as the equity markets across the region remained shut on account of New Year’s Day, pulled the domestic markets lower.

At 9:31 am, the Sensex traded 46 points, or 0.1 per cent, lower at 36,021 while the Nifty was at 10,850, down 12 points from the previous close. Top laggards on the 50-scrip index, Nifty, were PowerGrid, Hindalco Industries, Indiabulls Housing Finance, Asian Paints and Eicher Motors, trading between 0.6 per cent and 1.1 per cent lower.

The Sensex and Nifty registered gains of 5.9 per cent and 3.2 per cent in 2018 respectively, logging their third consecutive annual rise.

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