Sensex opens 93.45 pt down after Fed cut

Mumbai, Dec 12: The Bombay Stock Exchange (BSE) sensitive index today resumed 93.45 points down at 20,197.44 after US Federal Reserve announced the rate cut.

The benchmark Sensex started on weak note tracking weak global markets in the early trade. However, it started recovering in the mid-morning trade due to some fresh inflows in the market. It touched a high of 20322.76 in afternoon trade.

Similarly, the National Stock Exchange (NSE)'s Nifty index was down 22.10 points at 6,075.75.

Asian markets were trading weak today after the US Federal Reserve's small 25 basis points interest rate cut yesterday, raised worries about US economic growth, traders said.

Market breadth was strong. On BSE, 1553 stocks advanced, 788 stocks declined and 30 stocks remained unchanged. Out of 30, 19 stocks from the Sensex pack advanced.

Hindalco Industries was the top gainer from Sensex pack. The stock rose 2.03 per cent to Rs 203.60 on 2.49 lakh shares.

The BSE Mid-Cap index rose 0.88 per cent to 9,267.74 and BSE Small-Cap index rose 1.13pc to 11,800.09. Both these indices outperformed Sensex.

IT stocks declined. Infosys was down 2.47 per cent to Rs 1,700, Satyam Computer Services down 1.63 per cent to Rs 434.90 and Wipro down 1.61 per cent to Rs 497 edged lower. However, Tata Consultancy Services rose 0.17 per cent to Rs 1,041.

Realty stocks surged. Housing Development&Infrastructure up 9.43 per cent to Rs 938.95, Ansal Properties&Infrastucture was up 8.26 per cent to Rs 370.10, Indiabulls Real Estate gained 2.9 per cent to Rs 744.50. Unitech up 1.5 per cent to Rs 487, DLF up 0.75 per cent to Rs 1,021.15 edged higher.

Metal stocks rose. Tata Steel rose 2.54 per cent to Rs 857.05 and was the top gainer from Sensex pack. The company today said it has signed a joint venture agreement with state-run mineral development company SODEMI for the development of Mount Nimba iron ore deposits in Ivory Coast, West Africa.

UNI