Sensex drops nearly 150 points, Nifty slips below 10,900; DRL tanks 3%

NEW DELHI: Benchmark indices opened on a weak note on Monday, tracking tepid cues from other Asian markets. Weak technical charts added to the weakness.

At 9.23 am, the BSE Sensex was trading 119.28 points, or 0.33 per cent, low ear 36427.20. Nifty50 fell 56 points or 0.51 per cent, to trade at 10,887.30.

Among Sensex stocks, M&M declined 2.83 per cent to Rs 663.70. It as followed by Hero MotoCorp, ONGC and Tata Motors, which fell 2.11 per cent, 2.06 per cent and 1.65 per cent, respectively. L&T, Coal India and ITC dropped up to 1 per cent. Out of 30, 25 Sensex stocks were trading lower.

Asian shares were on the backfoot on Monday as worries about global growth, US politics and the ongoing Sino-US tariff war kept investors cautious, while the safe-haven greenback held near a six-week top against major currencies, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was a tad weaker after it was toppled from a four-month top on Friday, the report added.

At home, technical charts were signaling a weak outlook.

On the weekly scale, the index formed a ‘High Wave’ pattern, suggesting selling pressure at higher levels. Besides, the candle pattern of last three sessions indicates a crucial top reversal pattern, called 'Evening Doji Star'. This pattern indicates a downward trend reversal in the market.

Meanwhile, Eicher Motors, SpiceJet, India Cements, Motherson Sumi, Hindustan Copper, Max India, Jaypee Infratech, Andhra Bank, Care Ratings, Amtek Auto are among 313 companies set to announce their December quarter results during the day.