Sensex resumes at 13,034, down by 90 pts

Mumbai, Mar 28: The BSE Sensex today resumed lower at 13,034.24 points with a massive loss of 90 points from its last close of 13,124.32 points on sustained heavy bull liquidation by local operators.

The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened weak, extending losses in early trade, and slipped below the psychologically-important 13,000 mark, following closely on the heels of weak global markets.

The unwinding of positions in the derivatives segment ahead of the expiry of March 2007 derivatives contracts tomorrow, may pull the market lower, and on the other hand, short covering may spark a rally. The market remained closed on Tuesday (March 27) for Ramnavmi.

Later the Sensex was down 185.30 points, at 12,939.02. It had opened weaker, at 13,034.27, and went on to touch a low of 12,897.68, as selling continued. The Sensex's high for the day is 13,035.56 during intra-day trades.

Today is the last day of trading for the current financial year 2007. Trades executed from tomorrow will be considered for the financial year 2008.

Meanwhile, the C&P CNX Nifty index of the National Stock Exchange (NSE) also &xD;opened low at 3,818.75 points. Later, it recorded a high at 3,830.30 and a low at 3,763.65 points during the mid-morning session. The current index touched a low at 3,773.20 points with a major loss of 46 points from its last close of 3,819.95 points.

Satyam Computers was the top loser, down by 2.85 per cent to Rs 458.80, on a volume of 47,530 shares as the dollar fell below 43.15 versus the Indian Rupee, its lowest since June 1999.

Index heavyweight Reliance Industries (RIL) was down by 0.51 per cent to Rs 1,359, on a volume of 27,920 shares.

Dr Reddy's Labs was the top gainer, up by 0.82 per cent to Rs 687, on a volume of 6,182 shares.

Aventis Pharma was down by 0.83 per cent to Rs 1,225. Its net profit for Q4 December 2006 slipped to Rs 34.7 crore compared to Rs 37.6 crore in Q4 December 2005. Net sales for the December 2006 quarter increased to Rs 218 crore (Rs 196 crore).

After an year in which the Indian economy fired on all cylinders, and notched up a GDP growth rate of 9.2 per cent, things will cool down a bit in 2007, the Asian Development Bank (ADB) said.

US stocks and the dollar closed lower yesterday after a measure of US consumer sentiment dipped and a major home builder withdrew its profit outlook, reinforcing the view that the US economy is on shaky ground. The Dow Jones industrial average dropped 71.78 points, or 0.58 per cent, to finish at 12,397.29. The Standard&Poor's 500 Index slid 8.89 points, or 0.62 per cent, to end at 1,428.61.

The NASDAQ Composite Index lost 18.20 points, or 0.74 per cent , to close at 2,437.43 yesterday, brokers added.

UNI