Market struggled to capitalise on a higher opening today as the Sensex dropped 68 points, with participants keen to scoop up profit amid mixed Asian leads. Investors are trying to figure out how the Goods and Services Tax (GST) will pan out from July 1, its launch date.
Barring IT and technology that saw buying, selling picked up at other counters such as realty, auto, metal and oil and gas. The Sensex opened higher, but traded at 31,222.33 at 1123 hours, down 68.41 points, or 0.22 per cent.
The NSE 50-share Nifty slumped 35.75 points, or 0.37 per cent, to 9,594.25 at 1123 hours. Major losers were SBI 1.65 per cent, Tata Steel 1.63 per cent, Tata Motors 1.57 per cent and Adani Ports 1.34 per cent. Asian markets were mixed, but remained on track for a weekly gain while crude oil prices started pulling away from this week’s 10-month lows.
The US stocks closed mostly lower yesterday as weak financials and consumer staple shares eclipsed a rally in healthcare and biotechnology sectors. Meanwhile, foreign funds bought shares net Rs 192.68 crore yesterday, as per provisional figures.