Sensex plunges 95.62 points in early trade

Mumbai, May 12: Sensitive index of Bombay Stock Exchange extended the southward move and opened 95.62 points down at 16,641.45 on sustained selling pressure in the early trade today. Mirroring negative sentiments, the Benchmark Sensex further dipped over 177 points to touch a low at 16,559.55 from its previous close of 16,737.07 in the morning trading session on off-loading of shares in the select pivotals.

All the sectoral indices started the day in red, however, IT stocks gained on firm Dollar against the Indian Rupee. Broader-based Nifty of National Stock Exchange was down by over 50 points at 4,936 after resuming the session on negative note. Overall, market breadth was negative. Index heavyweights, Reliance Energy declined 3.68 per cent to Rs 1,283, DLF was down 3 per cent to Rs 611.50 and State Bank of India declined 2.20 per cent to Rs 1,638.90 in the early trade. Reliance Industries (RIL) declined 1.72 per cent to Rs 2,484.10 on 98,827 shares. Jaiprakash Associates tumbled 5.57 per cent to Rs 237.30 on 6.21 lakh shares. It was the top loser from Sensex pack.

However, IT stocks gained on the back of appreciating Dollar. Satyam Computer Services gained 2.14 per cent to Rs 483.55 on 1.41 lakh shares. It was the top gainer from Sensex pack.

After four successive weeks of gains, the Indian bourses went tumbling down on all five sessions of the week ended May 9, 2008, as the bears kept hammering down stocks cutting across sectors almost right through the week. Sensex plunged 863.05 points or 4.9 per cent 16,737.07 and the Nifty slid down 245.6 points or 4.69 per cent to 4,982.60 in the week.

As per provisional data, foreign funds sold shares worth a net Rs 619.34 crore on Friday. Domestic funds bought shares worth a net Rs 180.16 crore on that day.

Foreign Institutional Investors (FIIs) were net buyers of Rs 122.49 crore in the futures and options segment on same day. They were net sellers of index futures to the tune of Rs 484.85 crore and bought index options worth Rs 725.67 crore. They were net sellers of stock futures to the tune of Rs 85.18 crore and sold stock options worth Rs 33.15 crore.

UNI