Sensex in red, sheds 71 pts in early trade on weak global cues

The benchmark BSE Sensex was trading lower by about 71 points to hit a one-month low of 26,171.45 in early trade today, extending losses on sustained capital outflows by foreign funds and heavy selling by retail investors amid a weak trend overseas.

The 30-share index declined by 70.93 points or 0.27 per cent to 26,171.45. The gauge had lost 455.44 points in the past six sessions.

The NSE Nifty too was trading lower by 30.10 points or 0.37 per cent to 8,031.20.

Stocks of metal, oil & gas, banking, FMCG, PSU, consumer durables and auto sectors led the fall.

Brokers said sentiment remained subdued in the absence of any positive trigger amid sustained capital outflows by foreign funds in view of the approaching year end.

Besides, losses at other Asian markets, weighed down by a decline on Wall Street and worries over European banks dampened sentiments here, they added.

In other Asian markets, Hong Kong's Hang Seng index was down by 0.86 per cent, while Japan's Nikkei shed 0.16 per cent in early trade today. Shanghai Composite Index too was down 0.06 per cent.

The US Dow Jones ended lower by 0.16 per cent in yesterday's trade amid worries about Italian banks and disappointing earnings.