Markets slip into the red after a firm opening

Mumbai, Sep 11:The Bombay Stock Exchange (BSE) Sensex today opened higher at 15,668.40 from it's previous close of 15,596.83 due to steady global markets, but then slipped by as much as 66.15 points to touch a low of 15,530.68 in the first session, as information technology (IT) pivotals were subdued on concerns of the US economy heading towards a recession.

A panel set up by the government to look into Left Front's concerns over Indo-US nuclear deal is expected to hold its first meeting today.

The National Stock Exchange (NSE) S&P CNX Nifty also opened higher at 4,509.65 from it's last close of 4,507.85 but then slumped by 15.45 points to touch a low of 4,492.40.

The market breadth however, was strong on the BSE, with over 2 gainers for every loser. 1,701 shares advanced as compared to 821 that declined, while 56 remained unchanged, so far, official records show. The BSE Mid-Cap index rose 0.55 per cent to 6,922.26 while the BSE Small-Cap index gained 0.85 per cent to 8,586.74. Both these indices outperformed the Sensex. The BSE Mid-Cap index hit an all time high of 6,950.58. The BSE Small-Cap index also struck a lifetime high of 8,610.97. The total turnover on BSE amounted to Rs 1742 crore till now. From 30-member Sensex pack, 20 gained while the rest slipped.

''IT pivotals were subdued on concerns of US economy heading towards recession. India's third largest software services exporter Wipro was the top loser from Sensex pack. It slipped 0.77 per cent to Rs 463.35 on 63,990 shares. Other losers include Satyam Computers, Infosys Technologies, TCS, Tata Motors and Maruti Udyog, while HDFC, Hindalco Industries, Tata Steel, Larsen&Toubro, ACC, Ambuja Cements, Grasim and Reliance Industries (RIL) edged higher.

Majority of the Asian markets were trading higher today. Japan's Nikkei, Hang Seng, Taiwan's Taiwan Weighted and Singapore's Straits Times gained. However Shanghai Composite was down.

US shares finished a volatile session with small gains yesterday as investors grappled with the possibility that the Federal Reserve might not lower interest rates as much as they hope. The Dow Jones industrial average rose 14.47 points, or 0.11 per cent, to 13,127.85. Broader stock indexes fell. The Standard&Poor's 500 index slipped 1.85 points, or 0.13 per cent, to 1,451.70, and the Nasdaq Composite index declined 6.59 points, or 0.26 per cent, to 2,559.11.

Crude oil prices surged to near a record high today after attacks on oil and natural gas pipelines rocked the world's fifth largest crude producer Mexico, ahead of an OPEC meeting to determine production policy. US light crude rose 40 cents to USD 77.89 a barrel and is now near its record high of USD 78.77 hit on Aug 1, this year. London Brent crude rose 36 cents to USD 75.84.

UNI