Sensex opens weak at 19,128.86 pts

Written by:
Subscribe to Oneindia News

Mumbai, Nov 27: The BSE sensitive index today resumed negative at 19,128.86 points with a massive loss of 119 points from its last close of 19,247.54 points on profit booking at higher levels from FIIs and local investors in view of bearish advice from global markets.

Brokers said, ''The market opened on a weak note as US stocks tumbled yesterday, as investors worried rising US mortgage defaults and credit market losses will drag the US economy, fueling fears that US consumers will slash spending during the vital holiday season.'' Metal, banking and power stocks edged lower. The market breadth was negative. Asian markets were in red.

In Asia, key benchmark indices in Hong Kong, China, South Korea, Japan, Singapore and Taiwan were down by 0.71 per cent to 2.18 per cent. The Dow Jones industrial average was down by 237.44 points, or 1.83 per cent, to close at 12,743.44 on November 26, 2007.

The Standard&Poor's 500 Index sank 33.48 points, or 2.32 per cent, to 1,407.22. The Nasdaq Composite Index plunged by 55.61 points, or 2.14 per cent, to close at 2,540.99, which affected the downward trend at Indian bources, brokers pointed out.

Bargain hunting had triggered a surge on the domestic bourses in the past two trading sessions. Earlier, FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis had spooked stocks across Asia over the past few days.

FIIs made heavy purchases in index-based futures on November 26, the day when Sensex had surged 395 points or 2.09 per cent to 19,247.54 on the back rally across global markets. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2,098.07 crore and sold index options worth Rs 3.35 crore on Monday. They were net sellers of stock futures to the tune of Rs 50.70 crore and sold stock options worth Rs 0.32 crore. FIIs were net buyers to the tune of Rs 2,043.70 crore in the futures and options segment on Monday.

Later, the 30-share BSE Sensex declined by 183.91 points or 0.96 per cent to 19,063.63. It recorded a high at 19,211.58 points in intra-day trade.

The broad based S&P CNX NIFTY index of NSE also slipped by 52.95 points, or 0.92 per cent, to 5678.75, before it opened low at 5729.35 points from its last close of 5731.70 points.

The BSE Mid-Cap index was down by 0.84 per cent to 8,313.56, while the BSE Small-Cap index was down by 0.45 per cent to 10,296.36.

ICICI Bank slipped by 2.54 per cent to Rs 1128.25 followed by Bharti Airtel by 2 per cent to Rs 929, HDFC bank by 1.79 per cent to Rs 1614.35, NTPC by 1.74 per cent to Rs 234.45 and Reliance Energy by 1.49 per cent to Rs 1762.80.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell by 0.64 per cent to Rs 2,858.

India's second largest software exporter by revenue Infosys Technologies declined by 0.21 per cent to Rs 1,573.

All the major sectoral indices on BSE were down. The BSE Power index fell by 1.38 per cent to 4,316.35, the BSE Realty index eased by 1.11 per cent to 9,969.68 and the BSE Bankex dropped by 1.10 per cent to 10,473.99.

Mundra Port and Special Economic Zone debuted at Rs 770 on BSE a premium of 75 per cent over the IPO price of Rs 440. The Mundra Port had IPO ended on November 8, 2007 with 115.84 times subscription.

State Bank of India was up by 0.88 per cent to Rs 2,262 followed by Bajaj Auto by 0.53 per cent to Rs 2,601, Grasim Industries by 0.17 per cent to Rs 3740.25, ONGC by 0.16 per cent to Rs 1186.15 and Ambuja Cements by 0.13 per cent to Rs 148.50.


Please Wait while comments are loading...