Sensex loses 100 points to close shade above 34500

The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 34,616.64 points - up 165.87 points or 0.48 per cent from its previous session's close.

Mumbai: The BSE Sensex was trading higher by 119.85 points in late morning deals on buying led by key frontline shares in IT, Teck, realty, healthcare, telecom, energy and auto sectors, despite weak Asian cues. Markets in Asia opened lowered on Wednesday, following an overnight drop in U.S. stocks where the Dow fell more than 400 points.

At 9:18 am, the Sensex was trading at 34,569 down 47.03 points, while the broader Nifty50 was ruling at 10,597, down 16.80 points.

The NSE Nifty, after shuttling between 10,636.80 and 10,569, finally settled 29.65 points, or 0.28 per cent higher at 10,614.35. ICICI Bank fell about 2 per cent while HDFC Bank dropped 1 per cent.

Coal India, Hero MotoCorp, Infosys and ICICI Bank fell 1-2 percent in the Nifty pack, while IndusInd Bank, BPCL, Zee Entertainment Enterprises and HPCL gained 1-2 percent.

Nalco, Hindalco, Vedanta and Jindal Steel were among the top losers in the BSE metal index, diving by up to 8 per cent.

The rupee weakened by 4 paise to 66.16 against the U.S. dollar in early trade due to foreign capital outflows. Shares pared initial gains to trade 0.6 percent lower.

Brokers said sentiment turned weak on sustained capital outflows by foreign funds amid a weak trend in other Asian markets following overnight weakness at Wall Street after the 10-year treasury yield briefly touched the 3 per cent level for the first time in four years.

Overseas, Asian markets closed mostly higher even as oil prices crossed United States dollars 75 a barrel, the highest level since November 2014, pushed up by expectations of renewed U.S. sanctions against Iran and OPEC continuing to crimp supplies.

In the Asian region, Japan's Nikkei fell 0.65 per cent, Hong Kong's Hang Seng shed 1.07 per cent in early trade.

On a net basis, domestic institutional investors had bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday.

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