Sensex nosedives into red after opening positive

Mumbai, Jul 11: The Bombay Stock Exchange Sensex on Friday, July 11 nose-dived into red after a positive start above the 14,000 level in the opening session.

Resuming at 14,032.06, the benchmark index touched a high of 14,066.36, gaining 140.12 points, but failing to sustain the gains, it plunged by 136.71 points to 13,789.53, as compared to overnights close of 13,926.24. The market witnessed bouts of volatility in the opening session, as investors were worried over political fluid ahead that might result into further outflows, brokers said.

Investors also resisted building large positions ahead of industrial production data for May 2008 and weekly inflation data, to be released later in the day, brokers added.

Asian markets, barring China, were positive. Stocks in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by 0.48-2.16 per cent.

Backhome, the broader based S &P CNX Nifty index of National Stock Exchange was almost steady at 4163.05.

Infosys Technologies slipped by 2.67 per cent at Rs 1757.90. It was the top traded counter on BSE in terms of turnover. The stock clocked a turnover of Rs 100.91 crore in the early trade.

ICICI Bank declined by 1.34 per cent at Rs 608.50, Satyam Computer was down by 3.53 per cent at Rs 462, TCS was down by 3.35 per cent at Rs 839.90, Jaiprakash Associates were down by 2.60 per cent at Rs 166.25, Housing Development &Finance Corporation was down by 2.34 per cent at Rs 2,068, while Mahindra&Mahindra declined by 2.08 per cent at Rs 525.60.

However, Hindalco Industries was up by 1.76 per cent at Rs 156.25, Tata Motors gained by 1.16 per cent at Rs 404.10 and Bharti Airtel was up by 0.57 per cent at Rs 746.

As per provisional data, foreign funds yesterday sold shares worth a net Rs 551.67 crore, while domestic funds sold shares worth a net Rs 112.46 crore.

UNI