Mumbai, May 05: The BSE benchmark cracked below the 30,000-level by dropping 133 points in early trade today on emergence of profit-booking after yesterday’s strong rally.
Besides, a weak trend in global markets as investors await the US non-farm payrolls data and drop in commodity prices overnight also influenced sentiment.
The 30-share barometer tripped by 133.04 points, or 0.44 per cent, to 29,993.17 in early trade.
The index had risen by 231.41 points in the previous session, buoyed by reform steps in the banking and infra space.
Sectoral indices led by metal, capital goods, FMCG, IT, teck, auto, power and realty were trading in the negative zone, falling by up to 1.45 per cent.
Also, the NSE Nifty was trading 32.35 points or 0.35 per cent lower at 9,327.55.
Banking stocks were seen carrying forward the positive sentiment arising out of the government’s decision to bring an ordinance to give greater powers to the Reserve Bank to tackle mounting bad loans.
In the banking segment, shares of SBI, ICICI Bank, Bank of Baroda, Punjab National Bank, Federal Bank and Kotak Bank were trading higher by up to 3.76 per cent.
Brokers said apart from weak global cues, investors booked profit after recent gains, pushing the indices down.
Among Asian markets, Hong Kong’s Hang Seng was down 0.87 per cent, while Shanghai’s Composite Index down 0.73 per cent in their early deals. Financial markets in Japan and South Korea are shut today for a public holiday.
The Dow Jones Industrial Average ended 0.03 per cent lower in yesterday’s trade amid mixed earnings. PTI