Domestic stock markets started Friday's session on a lower note tracking weakness in Asian peers amid global growth concerns. The Sensex fell as much as 114.95 points to 36,610.47 in early trade, and the Nifty moved to 11,009.60, down 48.6 points from the previous close. Selling in IT and metal stocks weighed on the markets, however buying in FMCG counters kept the downside in check.
At 10:49 am, the Sensex traded 65.20 points lower at 36,660.22 and the Nifty was 36.35 points down at 11,021.85. Top laggards on the 50-scrip benchmark index at the time were Tata Motors, Wipro, Hindalco, Indian Oil, JSW Steel, trading between 1.62 per cent and 3.72 per cent lower.
Equities in other Asian markets fell after the European Central Bank slashed its growth forecasts and a surprise policy stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.1 per cent to a two-week trough.
Shanghai blue chips slid 2.0 per cent to retrace some of their recent stellar gains. Japan's Nikkei dropped 1.6 per cent and Australia 0.8 per cent.
European Central Bank President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty" as he pushed out a planned rate hike and instead offered banks a new round of cheap loans. The reversal came in the same week that Canada's central bank took a sudden dovish turn and dismal data from Australia to the UK instilled a sense of foreboding in markets.
(With inputs from Reuters)
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