Sensex opens low at 13,690.67 points

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Mumbai, Nov 28: The BSE Sensex today opened lower at 13,690.67 points with major lose of 83 points from its last close of 13,773.59 due to profit booking at higher levels by local investors and FIIs.

After an initial sharp fall, Sensex recovered from lower level. It still was down over 100 points for the day.

At 1019 hrs, the barometer index was down by 112.62 points (0.81 per cent) to 13,661.89. After declining to an intra-day low of 13588.51, the Sensex recovered smartly as buying support emerged at lower level. Sensex moved in a range of 13588.51 and 13690.67 Meanwhile, S&P, CNX, Nifty index of National Stock Exchange (NSE) resumed low at 3,966.00 points. Later the Nifty index was further down at 13,588.51 points in intra-day session. The current index still drifted lower at 3,943.30 points with a net lose of 25 points from its last close of 3968.90 points.

Weakness across global bourses and fall in Indian ADRs on Monday weighed on the bourses in early trade.

Frontline IT stocks were the worst hit. Satyam Computers was down by 2.91 per cent to Rs 451), Wipro down by 2.15 per cent to Rs 588.70 and Infosys down by 1.85 per cent to Rs 2186, declined on profit booking.

Index heavyweight Reliance Industries (RIL) was down by 0.15 per cent to Rs 1250 on 75816 shares.

Hero Honda was the top gainer, up by 0.94 per cent to Rs 740 on thin volumes of 3546 shares.

Mirc Electronics rose by 1.15 per cent to Rs 21.90 on 30352 shares. Its Q2 September 2006 net profit slipped to Rs 10.5 crore as compared to Rs 11.5 crore in Q2 September 2005. Net sales rose to Rs 399.5 crore (Rs 316.5 crore).

Asian shares fell on Tuesday as fears about lacklustre holiday spending in the key US market and a weak dollar prompted investors to sell technology exporters such as Canon and Samsung Electronics.

US stock indexes sank on Monday, registering their worst day in months, amid concern about Google Inc's valuation and doubts about holiday spending after a disappointing sales estimate from Wal-Mart Stores Inc. In addition, downward pressure on the dollar for a fourth straight day hurt demand for US investments, while a rise in crude oil prices above USD 60 a barrel added to concerns about consumer spending. The Dow Jones industrial average fell by 158.46 points (1.29 per cent), to end at 12,121.71. The Standard&Poor's 500 Index lost by 19.05 points (1.36 per cent), to finish at 1,381.90. The Nasdaq Composite Index slid 54.34 points (2.21 per cent), to close at 2,405.92, brokers said.


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