Sensex slids 188 points in early trade

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Mumbai, May 21L: Sensitive index of Bombay Stock Exchange today further lost to touch a low at 17,041.63, slipped over 188 points tracking the weak global cues on high oil prices. After starting the day with a negative gap of 164.57 at 17,065.61 from its previous close of 17,230.18, the Benchmark Sensex further extended the downward movement in the opening trade as investor expressed their interest in offloading the shares at higher level of last week, brokers said.

The broader-based S&P CNX Nifty index of National Stock Exchange was down 31.05 points at 5,073.90. All the sectoral indices on BSE were in red. Banking, realty and healthcare stocks declined in the early trade. ICICI Bank and DLF were major losers from Sensex pack. Oil prices continued their steady rise and surged to a record high near USD 130 a barrel May 20, 2008.

However, Reliance Industries rose 0.61 per cent to Rs 2,618.

Banking stocks declined further. ICICI Bank declined 2.35 per cent to Rs 905.85, State Bank of India (SBI) declined 0.42 per cent to Rs 1,645.55, HDFC Bank declined 2.02 per cent to Rs 1,435. The Reserve Bank of India has approved the Scheme of Amalgamation of Centurion Bank of Punjab with HDFC Bank. The Scheme of Amalgamation will come into effect from May 23, 2008.

UNI

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