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Sensex commences new financial year on subdued note; down 124 points intraday

The stocks of Bharti Airtel, Tata Steel, M&M, GAIL, among others dropped up to 2.22% in the early morning trade on Friday.

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Stock markets on Friday opened on a subdued note on the first trading day of new fiscal 2016-17, with the benchmark BSE Sensex sliding almost 124 points and NSE Nifty slipping below the crucial 7,700-mark in early trade, despite positive economic data.

The growth in eight core sectors expanded to a 15-month high of 5.7% in February due to sharp pick-up in natural gas, refinery products, fertiliser, cement and electricity generation.

The 30-share index, which had gained 441.40 points in the previous two sessions, fell 123.82 points, or 0.48 %, to 25,218.04 in the early trade on Friday.

However, at 1018 hours, the Sensex was trading down 9.06 points lower from its today's opening level but still below the red line or 0.04%, to 25,332.80 on the stock exchange.

Stocks of auto, metal, oil and gas, banking and technology sectors were leading the fall in early trade.

Bharti Airtel, Tata Steel, M&M, HDFC, Tata Motors, ICICI Bank, Dr Reddy's, SBI, Hero MotoCorp, Axis Bank, GAIL and RIL dropped up to 2.22%.

In contrast, BHEL, Wipro, Asian Paints, Cipla, Coal India and Hindustan Unilever were trading in the positive zone. 

The broad-based NSE Nifty dipped below the 7,700-mark by falling 38.80 points, or 0.50%, to 7,699.60 in the early trade on Friday. However, at 1019 hours, the Nifty was trading 3.85 points lower from its today's opening level or 0.05% to 7,734.55 on the stock exchange. 

Brokers said profit-booking in stocks that logged gains recently and negative cues from other Asian markets and overnight losses at the US market, had an impact.

Moreover, a cautious approach adopted by participants on the first trading session of fiscal 2016-17 too influenced sentiments, they added.

In the Asian region, Japan's Nikkei fell 2.91%, while Hong Kong's Hang Seng shed 1.35% in early trade. Shanghai Composite Index fell 1.42%. 

The US Dow Jones Industrial Average closed 0.18% down on Thursday.  

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