Sensex trades 113 points lower at 12,322 point

Mumbai, May 12: The correction in the stock markets continued during the afternoon with the benchmark index of the Bombay Stock Exchange (BSE) trading lower by 113 points at 12,322 at 1349 hrs.

The National Stock Exchange(NSE)S&P CNX Nifty index was down by 22 points to 3,679 points as compared to the last close at 3,701.

Yesterday the 30 share Sensitive Index(Sensex) had lost 177 points closing at 12,435 points.

The index heavy weight Reliance Industries and ONGC were down by 2.50 per cent and 1.10 per cent, respectively, causing much damage to the key indices of both BSE and NSE.

Most of the sectoral indices of the BSE led by BSE Oil&Gas index were in the red. BSE Oil&Gas index was down by 2.24 per cent; BSE Bankex index was down by 1.78 per cent.

In contrast the BSE Metal index was up by 1.08 per cent.

Reliance Industries was down to Rs 1080.80 and Oil&Gas giant ONGC was down to Rs 1,441.55 respectively.

Other significant losers were from the cement sector led by Gujarat Ambuja Cement and ACC down by more than five per cent while Grasim Industries was down by 3.36 per cent.

Also on the losers list were banking blue chips ICICI Bank, SBI and financial giant HDFC.

Earlier in the morning the key indices dipped sharply in the opening move, BSE Sensex dipped more than 200 points to a low of 12,224 and NSE Nifty dipped to a low of 3,633 with a loss of 78 points.

The BSE sensitive index opened 35 points lower at 12,400 as compared to the last close of 12,435.

The National Stock Exchange (NSE) S&P CNX Nifty index opened higher at 3704 as compared to the last close of 3,701.

The main gainers on the Sensex were Tata Steel, Larsen&Toubro, Tata Motors, NTPC, Hindalco, Hero Honda, Bajaj Auto, Dr Reddy's Lab., Ranbaxy Lab. and Maruti.

UNI