Sensex drops 252 points, Nifty slips below 9,050

The S&P BSE benchmark Sensex extended losses, dropping by 252 points in late morning trade following all-round selling amidst weakness in global peers.

The BSE Mid-Cap index was down 1.11 per cent. The fall in this index was higher than Sensex's decline in percentage terms and the BSE Small-Cap index was down 0.65 per cent.

Earlier, the two key equity benchmarks saw a gap-down opening on negative Asian stocks.

The Sensex opened lower at 29,341.41 and declined further to 29,219.59. It was quoting at 29,233.71 at 1100hrs, showing a loss of 251.74 points, or 0.85 per cent.

The NSE 50-share Nifty too was down 81.75 points or 0.90 per cent to quote at 9,039.75 at 1100hrs.

Major losers were, BhartiAirtel 2.49 per cent, Tata Motors 1.83 per cent, ICICI Bank 1.62 per cent, AsianPaints 1.46 per cent, Adaniports 1.43 per cent, Tata Steel 1.41 per cent, M&M 1.38 per cent, HDFC 1.27 per cent, Maruti 1.19 per cent and SBIN 1.14 per cent.

While, the foreign portfolio investors (FPIs) bought shares worth a net Rs 1662.72 crs yesterday,as per provisional data released by the stock exchanges.

Domestic institutional investors (DIIs) sold shares worth a net Rs 798.57 crores, as per provisional data.

Globally, Asian stocks posted their biggest drop in two weeks in early trade today as growing doubts about Donald Trump's economic growth agenda prompted investors to dump risky assets and rush towards safe havens such as gold and government bonds.