BSE Sensex: Market slumps in early session

By Staff
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Google Oneindia News

Mumbai, June 8: The barometer Sensex today continued with it's bear run during the first session by shaving off 60.24 points on the Bombay Stock Exchange (BSE) to touch 14,125.94 from it's previous close of 14,186.18, tracking weak global indices.

It had earlier openied in the red at 14,063.94.

Among the broader markets, the Nifty Index also tanked by around 16 points on the National Stock Exchange (NSE) to settle at 4,163.85 from it's previous close of 4,179.50, after opening unchanged.

A bout of volatility was witnessed in early trade, market analysts said and observed that the Sensex has a strong support at 14,000 level.

The total turnover on BSE amounted to Rs 613 crore. The market breadth was weak as 2 shares declined for every gainer, experts explained and said that 1,077 shares declined while only 536 advanced. Among the Sensex pack, 23 declined while the rest advanced, they added.

Today's early session laggards include HDFC, Tata Steel, HDFC Bank, Hero Honda, Reliance Industries (RIL) and State Bank of India (SBI).

The gainers are Oil&Natural Gas Corporation (ONGC), Satyam Computers, Infosys, TCS and Wipro.

Asian stocks were down sharply in early trading today, with Japan's Nikkei Average plunging as blue chips Sony Corp and Mazda Motors declined after US and European stocks yesterday traded lower on concerns over rising global interest rates and surging bond yields in the US.

The Nikkei was down by 281.75 points or 1.56 per cent at 17,771.63. Hong Kong's Hang Seng was down by 1.42 per cent at 20,503.77, Taiwan's Taiwan weighted down by 0.71 per cent at 8, 295.53, Singapore's Straits Times dipped by 1.22 per cent at 3,502.93 and South Korea's Seoul Composite slipped by 1.07 per cent at 1,734.36.

However, China's Shanghai Composite was up by 0.27 per cent to 3,901.45.

Wall Street fell sharply for a third straight session yesterday, after rising bond yields deflated hopes for an interest rate cut later in the year. The Dow Jones slumped 198.94 points, or 1.48 per cent, to 13,266.73, bringing its three-day loss to about 410 points.

Broader stock indicators also fell. The Standard&Poor's 500 index fell 26.66 points, or 1.76 per cent, to 1,490.72, and the Nasdaq Composite index slipped 45.80 points, or 1.77 per cent, to 2,541.38.

UNI

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