Sensex opens low at 9,535.41 pts; down by 236 pts

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Mumbai, Oct 24 (UNI) The Bombay Stock Exchange's (BSE) 30-share sensex today resumed low at 9,535.41 points with loss of 236.41 on profit booking by local operators, in view of the all important credit policy review this noon.

The National Stock Exchange benchmark Nifty fell by 6.90 points at 2,936.25.

Meanwhile, US stocks clawed back from five-year lows on Thursday, led by a bounce in energy and healthcare stocks after oil recovered from a 16-month trough and top pharmaceutical companies posted reassuring earnings.

Continued slide in Asian stocks caused by global recession worries, which had caused a sharp slide on the domestic bourses in the past few days, pulled down the domestic markets yet again today.

Caution prevailed due to uncertainty on the final order with regard to short sales by Securities and Exchange Board of India, in view of its displeasure on overseas lending by foreign funds, and ahead of RBI's monetary policy announcement after its mid-term review of macro-economic and monetary developments report yesterday stated that the overall focus of its monetary policy for this fiscal would continue to be according high-priority to financial markets stability, anchoring inflation expectations and the growth momentum.

The BSE 30-share Sensex is now again down by 320.23 points or 3.28 per cent at 9.451.47. The sensex recorded the intra-day low at 9,444.53. The Nifty index is also down 109.75 points or 3.73 per cent at 2,833.40. Nifty hit a low of 2,824.40 in the early trade.

The BSE Mid-Cap index was down by 1.51 per cent at 3,327.65 and the BSE Small-Cap index was down by 0.76 per cent at 3,935.65. Both the indices outperformed the Sensex.

Reliance Industries extended losses falling by 2.1 per cent at Rs 1,187, as net profit in Q2 September 2008 rose at the slowest pace in the past 10 quarters, largely due to fall in refining margins.

All the stocks from the Sensex pack were in the red. Metal and banking stocks led the fall. Bharti Airtel was down by 5.13 per cent at Rs 583.80, DLF Ltd came down by 4.34 per cent at Rs 256.85 and ONGC eased by 3.81 per cent at Rs 746.50. They were the major losers from the Sensex pack.

Metal stocks extended recent losses on slump in metal prices in the London Metal Exchange. The BSE Metal index was down by 4,49 per cent and was the major loser from the sectoral indices on BSE.

Hindustan Zinc, National Aluminum Company, Sterlite Industries Steel Authority of India fell by between 1.79 per cent and 12.61 per cent.


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