Sensex opens weak, slip by 130 pts

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Mumbai, Nov 11 (UNI) After yesterday's massive gain, the Sensex today opened in the red at 10,405.39, down by 130.77 points, from its previous finish following decline in exports for the first time in five years in October.

It recorded a low at 10,217.43. At present, it is down by 301.48 points at 10,234.68.

However, Nifty Index of National Stock Exchange (NSE) opened flat at 3,147.20 points. It is currently down by 80 points to 3,068.25.

For the first time in the last five years, in October, there has been a decline of over 15 per cent in exports in dollar terms, a spokesperson of Director General of Foreign Trade said yesterday.

The market breadth, indicating the overall health of the market, was weak. Metal shares declined as gloomy US company news overnight reinforced worries about an economic slowdown, brokers said.

Among the heavyweights, Tata Steel lost 5.76 pc to Rs 202.10. It was followed by Hindalco Industries down by 7.49 pc to Rs 61.85 even Reliance Industries (RIL) lost 3.99 pc to Rs 1,251.50. Jaiprakash Associates dipped 5.91 pc to Rs 90.80, Bhel edged down 4.73 pc to Rs 1,441.40, and DLF slipped at 3.71 pc to Rs 286.25.

Among the gainers were India's second largest cellular services provider by market capitalisation, Reliance Communications. It gained 2.40 pc to Rs 240.85, followed by Ranbaxy Laboratories (up by 1.04 pc to Rs 234 and ITC (up by one pc to Rs 174.10).

Most Asian markets were trading lower today. Key benchmark indices China, Hong Kong, Japan, Singapore, South Korea, and Taiwan were up down by between 0.59 pc and 1.41 pc.

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