Sensex, Nifty in negative zone as Asian stocks hit by slowing economy

Equity benchmark indices were in the negative zone during early hours on Tuesday in line with trends across Asian stock markets. At 10:15 am, the BSE S&P Sensex was down 115 points at 40,153 while the Nifty 50 slipped 40 points to 12,049.

Sectoral indices at the National Stock Exchange were mixed. While Nifty bank, auto, financial service, metal, PSU bank, private bank and realty were in the green, others like FMCG, IT, media and pharma were in the negative territory. HCL Tech dropped as much as 2.4 per cent. Adani Ports, Hero MotorCorp, Zee Entertainment, and Asian Paints slipped nearly 1.5 per cent.

Meanwhile, most Asian stocks were on a weak ground after a technology rout sank Nasdaq shares overnight. Equity benchmarks edged down in Japan, China, Hong Kong, and South Korea. A day earlier on another side of the globe, there was a volatile Wall Street session as US manufacturing growth eased in May to its weakest pace in more than two-and-a-half years.

Besides, investors were concerned over intensifying US-China trade war with US President Donald Trump's administration saying that Beijing was pursuing a blame game in recent public statements.

(With inputs from agencies.)