Sensex drops 142 points on weak global cues

Mumbai (Maharashtra) [India], May 3 (ANI): The key equity benchmarks of the domestic market made losses in morning trade on Wednesday, tracking weak global cues. Investors turned cautious amid the anticipation that the US Federal Reserve might hike key policy rate later on Wednesday.
Sensex and Nifty had been ending in the green for eight consecutive days till Tuesday. BSE Sensex was down 142 points to 61,212.97 and Nifty dropped 87 points to 18,061.20 at 10.45 on Wednesday.
NTPC, Asian Paints, Hindustan Unilever, Nestle India, Power Grid, Tata Motors, Titan, and Cipla were among the top gainers in the morning trade.
Tata Steel declined 0.59 per cent after the Group announced that its net profit in the March quarter plunged 83 per cent.
In Asian markets, Hong Kong's Hang Seng was down 348 points, Japan's Nikkei was up 34 points, Thailand Set was down 14 points and China's Shanghai surged 37 points on Wednesday morning.
In the US markets, Dow Jones dropped 367 points, Nasdaq and NYSE were trading in the positive territory and S&P 500 declined 48 points when the Asian markets opened on Wednesday.
In European markets, BEL, CAC and Deutsche Borse were trading in the positive territory, FTSE was down 98 points and Madrid SE was also trading in the positive territory.
On Tuesday, BSE Sensex achieved its eighth consecutive session of gains, rising by 242.27 points to reach 61,354.71.
Nifty 50 index extended its winning streak for six sessions, increasing by 82.65 points to 18,147.65.
In the broader market, on Tuesday, the S&P BSE Mid-Cap index rose 0.74 per cent while the S&P BSE Small-Cap index advanced 0.63 per cent. (ANI)