Indian Markets Drop; Sensex Down Over 100 Points

Indian stock markets were trading lower on Thursday. The S&P BSE Sensex dropped 103.6 points, or 0.40 percent at 25948.22. The 30-share index touched a high of 26,049.14 in morning trade. The Nifty50 fell 0.47 percent to 7995.40, after touching a high of 8,013.65 in morning trade.

The S&P BSE Midcap Index dropped 0.55 percent, while the BSE S&P Smallcap Index fell 0.58 percent.

The Indian rupee dropped 26 to trade at 68.82 against the U.S. dollar.

Direxion Daily India Bull 2X Shares (NYSEARCA: INDL) fell 2.16 percent to close at $41.21 on Wednesday, while PowerShares India Portfolio (ETF) (NYSEARCA: PIN) dropped 0.74 percent to close at $18.66.

US stock markets closed mostly higher overnight, with the Dow Jones Industrial Average gaining 0.31 percent, the S&P500 index rising 0.08 per cent, and the Nasdaq Composite dropping 0.11 percent.

US WTI crude futures on the NYMEX gained 0.10 percent to trade at $48.01 per barrel.

Top market movers among the BSE index are as follows

• Kohinoor Foods Ltd. rose about 20 percent to 54.70 INR.
• Ideal Texbuild Ltd. rose 18 percent to 93.00 INR.
• MRO-TEK Realty Ltd. shares gained around 19 percent to 60.30 INR.
• Maithan Alloys Ltd. shares surged 17 percent to 251.00 INR.

• W H Brady & Company Ltd. shares dropped around 10 percent to 126.70 INR.
• India Steel Works Ltd. fell around 9 percent to 3.45 INR.
• Elixir Capital Ltd. slipped 9 percent to 34.05 INR.
• Shri Keshav Cements & Infra Ltd. shares declined 9 percent to 84.65 INR.