Sensex opens down at 13,855.89 points

Mumbai, Jan 8: The BSE Sensex today opened lower at 13,855.89points with a modest loss of around five points from its last close of13,860.52 points on sustained heavy selling pressure by FIIs and mutualfunds, brokers said.

Weakness in Asian markets and a fall in Indian ADRs on Friday sent the Sensex skidding in opening trade.

IT and metal scrips suffered the most in the early fall that gripped the market.

Later, the Bombay Stock Exchange(BSE) Sensitive Index (Sensex) wasdown 150 points, at 13,710. It recovered from a lower level afterhaving plunged as many as 172.59 points, to a low of 13,687.93 duringthe mid-morning session.

Meanwhile, the S&P CNX Nifty index of NSE also resumed low at3,983.30 points. Later, the Nifty index recorded a high at 3,987.45points and a low 3,925.20 points in intra day. The current index isquoted low at 3,925.75 points from it last close of 3,983.40 points.

Hindalco Industries shed nearly two per cent to Rs 167.70 andSterlite Industries lost nearly three per cent to Rs 528, tracking weakglobal metal prices. Metals such as copper have fallen sharply sincethe onset of 2007, amid concerns about slowing global growth prospectsand rising supplies of many key industrial commodities.

IT shares drifted lower, tracking weakness in their ADRs onFriday. Satyam Computer shed two per cent to Rs 491 after its ADR lostthree per cent on Friday to USD 23.85. Wipro shed 1.8 per cent to Rs588 after its ADR shed 2.8 per cent on Friday to USD 15.86.

IT bellwether Infosys eased 1.3 per cent to Rs 2,244. Its ADR shed 0.47 per cent on Friday to USD 55.15.

Software major TCS lost 1.3 per cent to Rs 1,245. As per reports,Tata Sons plans raising about USD 2 billion from a US listing of TCS.

Tata Motors shed nearly three per cent to Rs 907, after its ADRlost 3.4 per cent on Friday to USD 20.86. Car major Maruti Udyog shed2.4 per cent to Rs 913.

State Bank of India lost nearly one per cent to Rs 1232.50. StateBank of India said on Saturday that interest rates on domestic termdeposits of Rs 15 lakh and above but less than Rs 1 crore, will be 8.25per cent across all maturities of one year and more.

ICICI Bank shed 0.4 per cent to Rs 906.50. ICICI Bank'sdollar-denominated, three-tranche debt offering has reportedly receivedstrong response from investors.

Asian shares dropped on Monday, led lower by resources andfinancial stocks. Key benchmark indices in Hong Kong, South Korea,Singapore and Taiwan were down between 0.9 per cent - 1.2 per cent.

Tokyo's market was closed for a public holiday. There iswidespread anticipation about the Bank of Japan hiking interest ratesas early as next week.

The Dow Jones industrial average fell 82.68 points, or 0.66 percent, to 12,398.01. The Standard&Poor's 500 Index was down 8.63points, or 0.6 per cent, at 1,409.71.

The NASDAQ Composite Index ended down 19.18 points, or 0.78 per cent, at 2,434.25.

Oil hovered above USD 56 a barrel on Monday (January 8) after lastweek's steep drop to its lowest since mid-2005, brokers added.

UNI