Sensex slips 130 points on weak global cues, Nifty tests 10,300

The benchmark BSE Sensex fell over 130 points in early trade today amid weak Asian cues and selling on oil & gas, metals, power, PSU and IT counters.

Brokers said persistent selling by investors, capital outflows by foreign funds and a weak trend in Asian bourses due to increased concerns over the prospect of a global trade war dampened market sentiment.

The Sensex was trading 136.94 points, or 0.40 per cent, down at 33,548.60. The gauge lost 232.40 points in the previous three straight sessions.

The 50-share Nifty also fell 50.95 points, or 0.49 per cent, to 10,309.20.

Kotak Bank, ONGC, NTPC, Asian Paint, Reliance Industries, HDFC, TCS, Infosys, ICICI Bank, ITC, SBI, IndusInd Bank and Tata Motors were among major losers, falling up to 1.40 per cent.

Shares of Gitanjali Gems continued to be under selling pressure, falling 4.63 per cent to Rs 12.35.

Hong Kong's Hang Seng was down 0.24 per cent and Shanghai Composite shed 0.11 per cent in early trade today. Japan's Nikkei too down 0.24 per cent.

The US Dow Jones Industrial Average, however, ended 0.47 per cent higher yesterday.