Sensex dips by over 132 points as FIIs continue to sell

Mumbai, Mar 9 (UNI) The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) was trading lower by 31 points at 10,477 as compared to last close of 10,508 as foreign fund outflows in the derivatives market continued for the second day.

The stock markets came under severe pressure this morning as a result of Foreign Institutional Investors (FIIs) selling another Rs 2,708 crore worth of equity in the Future&Options(F&O) markets yesterday.

The Sensex dipped by 132 points to 10,376 this morning after opening quite bullish 25 points up at 10,533 against the previous close of 10,508 points.

The net selling by the FIIs in Nifty Futures yesterday was Rs 2,100 crore out of the total of Rs 2708 crore selling in F&O.

The Sensex, however, regained some losses, trading at 10,427, down by 81 points at 1107 hrs.

The 50-share National Stock Exchange(NSE) S&P CNX Nifty index was trading at 3,088, down by 28.65 points at 1400 hrs.

The Infotech and Oil&Gas sectoral indices on the BSE were the only ones in the green, while all other sectoral indices were in the red this afternoon.

The top Sensex losers were Tata Motors, Ranbaxy, Maruti, Bharti Tele, Hero Honda, BHEL, Hindalco, Tata Steel, Cipla and HDFC.

The stocks gaining this afternoon were Dr Reddy's Lab, Gujarat Ambuja Cements, ACC, Satyam Computers, Infosys, SBI, NTPC, Reliance, Tata Power, Hindustan Lever.

The midcap stocks that defied the bearish mood in the market were MTNL, Jagran Prakasan, Reliance Natural Resources.

The globalcrude oil prices dropped to USD 60 per barrel at the New York Mercantile Exchange(NYMEX) which was a good news for investors fighting bearish market sentiments.

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