Sensex Trades Lower As Asian Markets Fall On Chinese Data

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Thursday, October 13, 2016, 9:34 [IST]

Asian markets fell, as Chinese trade data showed that exports for September tumbled, dragging most Asian markets lower. Exports from the country dropped huge 10 per cent, data by the government showed.

This led to weakish sentiments across Asia, with the Hang Sang and the Shanghai Composite, both dropping in trade. Cues from the US were also weak, after the US Fed Minutes of the meeting pointed to a likely hike in interest rates in the month of December.

The Sensex was trading with losses of 261 points, while the Nifty dropped 78 points in trade. IT stocks were weak ahead of the results of TCS, which is slated to declare results later today. The stock was down 1 per cent in trade. Shares in Infosys, however, gained near 1 per cent, ahead of the company's results to be declared later on Friday.

Tata Motors, which has had a spectacular run in the last few trading sessions, was the biggest loser from the Nifty. The stock lost near 2 per cent, with the DVR seeing an even bigger drop.

Cipla, ONGC and Eicher Motors were the biggest gainers from among the Nifty companies. Meanwhile, the rupee opened slightly weakish at 66.85 to the US dollar. The currency and the equity markets, both opened after 2-days of closure for festivals.

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