Sensex drops over 100 pts in early trade; Nifty below 11,150

Mumbai, July 22 (PTI): Equity benchmark Sensex dropped over 100 points in early trade on Wednesday dragged by losses in index majors HUL, HDFC twins and Infosys amid mixed cues from global markets.

The 30-share BSE Sensex was trading 108.36 points, or 0.29 per cent, lower at 37,821.97.

Similarly, the NSE Nifty slipped 29.50 points, or 0.26 per cent, to 11,132.75.

Bajaj Finance was the top loser in the Sensex pack, shedding around 2 per cent, followed by HUL, Maruti, IndusInd Bank, SBI, Tech Mahindra, L&T, Infosys and HDFC duo.

On the other hand, Axis Bank, Sun Pharma, NTPC and ITC were among the gainers.

In the previous session, the BSE barometer closed at 37,930.33, up 511.34 points, or 1.37 per cent. Similarly, the Nifty rose 140.05 points, or 1.27 per cent, to end at 11,162.25.

Foreign institutional investors were net buyers in the capital market on Tuesday, purchasing equities worth INR 2,265.88 crore, provisional exchange data showed.

According to traders, stock-specific action dictated market movement in early trade. Mixed cues from global markets also kept investors cautious.

Bourses in Shanghai, Hong Kong, Seoul were trading on a positive note, while Tokyo slipped into red.

Stock exchanges on Wall Street too ended on a mixed note in overnight session. Meanwhile, international oil benchmark Brent crude futures fell 0.43 per cent to USD 44.13 per barrel.