Sensex dips 350 pts on week global cues

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Mumbai, Feb 11 (UNI) After opening almost flat, the sensitive index of Bombay Stock Exchage slipped over 350 points to touch a low at 17,078.98 on weak cues in global market in the early trade.

Mega-IPO Reliance Power, which listed below expectation today, also dampened the sentiments of investors reflected in the Indian bourses, brokers said.

Sensex resumed the day at 17,427.34 from its previous close of 17,464.89 and soon after slid into deep red. Similarly, Nifty index of National Stock Exchange (NSE) touched an intra-day low at 4,975.50, lost 1.85 per cent in the early trade.

However, heavy weight index like ICICI Bank supported the indices at lower level. All the sectoral indices on BSE were in the red. Reliance Energy fell sharply. 25 out of 30 stocks from the Sensex pack were negative. The market breadth was weak. Asian and European markets were trading low, brokers added.

Anil Dhirubhai Ambani Group firm Reliance Power was trading at Rs 447.20 on BSE, at a discount of 0.62 pc over IPO price of Rs 450. It debuted at Rs 547.80, a premium of Rs 21.73 per cent from the IPO price.Volumes in the stock were high.

Meanwhile, Reliance Industries fell 1.66 per cent at Rs 2381.50, while ICICI Bank rose 2 per cent to Rs 1087.95. Larsen&Toubro fell 1.48 per cent to Rs 3480.

Among the other Sensex losers, Reliance Energy fell 5.11 per cent to Rs 1863. Grasim Industries declined 3.30 per cent to Rs 2709.50, ONGC slipped 2.77 per cent to Rs 969.65, Bharti Airtel declined 2.50 per cent to Rs 860 and Hindustan Unilever skid 2.72 per cent to Rs 206.

As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 797.25 crore and Domestic Institutional Investors (DIIs) were net buyers of shares worth Rs 192.98 crore on on 8 February.

FIIs were net buyers to the tune of Rs 617.07 crore in the Futures&Options segment on 8 February. They were net sellers of index futures to the tune of Rs 170.28 crore and bought index options worth Rs 235.52 crore and their net sellers of stock futures was to the tune of Rs 553.24 crore with a sold stock options worth Rs 1.40 crore.

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