The benchmark BSE Sensex fell over 130 points in early trade today on emergence of profit-booking by participants after recent gains amid disappointing corporate earnings.
The 30-share index fell 130.70 points, or 0.46 per cent, to 27,826.80 as FMCG, metal, consumer durables, auto, banking and capital goods stocks succumbed to profit-booking.
The gauge had gained 148.15 points in the previous session on Friday on renewed hopes of a rate cut.
On similar lines, the NSE Nifty dropped 40.25 points, or 0.47 per cent, to 8,418.70 in early trade.
Brokers said besides profit-booking, lower-than-expected Q4 earnings by some companies and weekend losses in US markets influenced sentiment here.
Shares of ITC suffered the most in early trade and was trading 2.59 per cent down at Rs. 319.95 after the company’s Q4 earnings failed to meet market expectations.
The diversified group on Friday reported a modest 3.65 per cent rise in its standalone net profit at Rs. 2,361.18 crore for the quarter ended March 31, 2015.
Among other Asian markets, Japan’s Nikkei rose 0.70 per cent in early trade today while Hong Kong’s markets were closed for a public holiday.
The US Dow Jones Industrial Average ended 0.29 per cent lower in Friday’s trade.
