Sensex down 16 points in early trade on profit-booking

Mumbai, May 5: The benchmark BSE Sensex opened weak for the sixth straight day by falling 16 points in early trade today as cautious participants engaged in booking profits amid a weakening trend overseas.

The 30-share barometer fell by 16.00 points, or 0.07 per cent, to 22,387.89 with stocks of auto, banking, metal and PSU sectors remaining under pressure. The index had lost almost 472 points in the previous five sessions.

Similarly, the National Stock Exchange index Nifty moved down by 4.00 points, or 0.06 per cent, to 6,690.80.

Brokers said sustained selling by participants, mostly of a profit-booking nature ahead of the outcome of the ongoing Lok Sabha elections and a weak trend at other Asian markets after China manufacturing weakened further in April, influenced the trading sentiments here.

Meanwhile in Asia, Hong Kong’s Hang Seng was down 0.29 per cent in early trade today, while Japan’s financial markets are closed for a public holiday.

The US Industrial Average ended 0.28 per lower in the previous session.