Mumbai: The BSE benchmark Sensex dropped by 113 points in early session on Wednesday, weighed down by metal stocks, as trade deficit widened to an almost 3-year high.
Moreover, disappointing quarterly earnings by some blue- chip companies and weak global cues made mood gloomy. The 30-share index was trading lower by 113 points, or 0.34%, at 32,828.87 in the opening session.
All the sectoral indices led by metal, power and FMCG were trading in the red. The NSE Nifty fell 30.85 points, or 0.30%, to 10,155.75 in early trade.
Exports entered negative terrain after over an year, contracting 1.12% in October. Trade deficit widened to almost a 3-year high of $14 billion last month as imports surged.
Metal stocks suffered the most following the decline in metal prices in the global market, traders said. Sun Pharma suffered the most among Sensex components by tumbling 2.54% after the pharma major on Tuesday reported a big drop in consolidated net profit.
Other prominent losers included Tata Steel, ONGC, NTPC, M&M and ITC Ltd.
