Sensex slides below 17K level in opening trade

Mumbai, May 22: Sensitive index of Bombay Stock Exchange today fell below 17K, lost over 350 points on sustained profit booking in select pivotals in the opening trade. Benchmark tumbled 357.25 points at day's low of 16,885.91 in early trade tracking weak global cues. However, it has recovered about 100 points and was trading at near the level of 17,000 in the mid-morning trade.

The broader-based S&P CNX Nifty index of National Stock Exchange was down 96.25 points or 1.88 per cent at 5,021.40. Soaring crude prices spooked the sentiments of investors globally as it stoked fears of stagflation in US. IT stocks rose as the Rupee lost further ground against Dollar. Banking stocks fell. Majority of Asian markets were weak, brokers said. Reliance Industries declined 1.42 per cent to Rs 2,631.70 and ICICI Bank was down 3.22 per cent to Rs 881.90.

However, Information technology (IT) stocks rose after the Indian rupee weakened past 43 per Dollar to its lowest level in 13 months in opening deals as record oil prices raised worries of a widening trade deficit. Satyam Computer Services rose 1.33 per cent to Rs 499.05, Tata Consultancy Services was up 0.89 per cent to Rs 972.50, Infosys was up 0.25 per cent to Rs 1,876 and Wipro was marginally up at Rs 495.50.

UNI