Sensex off record highs, down 105 pts in early trade

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SensexMumbai, Aug 26 (PTI): Retreating from record highs, the benchmark BSE Sensex fell over 105 points in early trade today with metal, auto and power sector stocks leading the fall, triggered by negative domestic cues amidst a weak trend in Asian trade.

The 30-share barometer fell by 105.19, or 0.39 per cent, to 26,331.83.

Yesterday, the gauge closed at a fresh life-time high of 26,437.02 after climbing to an intra-day record high of 26,630.74.

Also, the National Stock Exchange index Nifty shed 16.40 points, or 0.21 per cent, to 7,889.90. It shed 6.90 points, or 0.09 per cent to 7,906.30 after recording a new intra-day peak of of 7,968.25 in yesterday’s trade.

Brokers said sentiments dampened after the Supreme Court yesterday held that all coal block allocations made since 1993 till 2010 have been done in an illegal manner, triggering widespread selling in metal and power sector stocks.

Shares of Sesa Sterlite were trading 1.43 per cent down at Rs 276.25, while Jindal Steel & Power, which slumped 13.97 per cent in yesterday’s trade, lost another 5.49 per cent to Rs 239.25.

Hindalco Industries too remained under pressure and fell further by nearly 4 per cent to Rs 158. It plunged 9.56 per cent in yesterday’s trade.

Tata Power shares were down by 3.38 per cent to Rs 87.30 and Reliance Power fell 3.76 per cent to Rs 79.40.

Stocks of Maruti Suzuki, Tata Motors and Mahindra and Mahindra faced fresh round of selling pressure and fell between 0.78-1.18 per cent after the CCI yesterday slapped a penalty of Rs 2,545 crore on 14 car makers for violating trade norms in the spare parts and after services market.

Among other Asian markets, Japan’s Nikkei fell 0.40 per cent, while Hong Kong’s Hang Seng was trading 0.10 per cent lower in early trade.

The US Dow Jones Industrial Average ended 0.44 per cent higher in yesterday’s trade.

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