BSE Sensex dips below 16,500 level

Mumbai, May 26: Extending last week's downfall, Sensex opened 181.32 points down at 16,468.32 on negative global cues. The benchmark index of Bombay Stock Exchange fell about 280 points to a low of 16,370.09 from its previous close of 16,649.64 due to sustained panic selling by traders in the opening trade. The broader based S&P CNX Nifty index of National Stock Exchange was also down over 50 points, hovering below 5K level.

All the sectoral indices on BSE were in the negative territory. Realty and banking shares were the worst hit. Asian stocks tumbled today as investors feared rising inflation and sluggish US economic growth would seriously dent consumer demand in the region's biggest export market. The US markets declined on Friday last week on concerns about a worsening housing recession and rising crude oil prices.

Backhome, Reliance Industries fell 0.85 pc at Rs 2,533, ICICI Bank fell 1.49 pc to Rs 850.90, Larsen&Toubro fell 2.14 pc to Rs 2,784, while Bharat Heavy Electricals was down 4.53 pc at Rs 1,668, Jaiprakash Associates down 3.24 pc at Rs 229.95, ITC down 2.74 pc at Rs 207.75, Reliance Infrastructure down 2.71 pc at Rs 1,256 and Maruti Suzuki down 2.26 pc at Rs 772.30, topped the losers' list.

However, Bharti Airtel was up 2.35 pc at Rs 856.50, Cipla gained 0.59 pc at Rs 204.70, and TCS, Hindustan Unilever and Grasim Industries were at marginal gains. Bajaj Auto, which was re-listed today after a demerger scheme, was the top traded counter on BSE in terms of turnover. The stock was trading at Rs 633.80 on a turnover of Rs 33.79 crore.

UNI