Sensex opens negative at 19,510.94 pts

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Mumbai, Nov 20: The BSE sensitive index today resumed low at 19,510.94 points with a massive loss of around 123 points from its last close of 19,633.36 points on sustained heavy offloading by FIIs and local financial institutional investors.

Brokers said, '' The market opened with a downward gap and lost further ground in early trade tracking weak global markets.

The market later recovered from lower level. Reliance Industries declined. Metal stocks edged lower however cement stocks gained.

Asian markets were trading in red.

Worries of impact of credit troubles on the broader US economy heightened after Goldman Sachs on Monday, 19 November 2007, downgraded Citigroup's stock to sell from neutral, forecasting more write-downs by the largest US bank because of mortgage losses.

Later, the 30-share BSE Sensex was down by 96.51 points or 0.48 percent (pc) at 19,500.23. At day's low of 19,411.67 Sensex had lost 221.69 points from its last close.

The broader CNX S&P Nifty index of NSE declined by 63.45 points or 1.07 pc at 5,844.20, before it resumed high at 5911.25 points from its last close of 5907.65 points. The Nifty index recorded a high at 5920.55 points and a low at 5828.75 points in intra day trade.

The BSE Mid-Cap index rose by 0.28 pc to 8,755.51 and the BSE Small-Cap index hiked by 0.56 pc to 10,732.75. Both these indices outperformed Sensex.

Index heavyweight and India's largest private sector firm by market capitalisation, Reliance Industries declined by 1.28 pc to Rs 2,816.

Metal stocks declined after copper and zinc futures fell by their daily limits in Shanghai. Hindalco industries was down by 3.63 pc to Rs 197.50 followed by Sterlite Industries by 3.58 pc to Rs 975 and Tata Steel by 1.1 pc to Rs 853.30 edged lower.

Cement stocks edged higher on media reports that cement prices will firm up from January 2008. Birla Corporation was up by 1.39 pc to Rs 374.90 followed by Ambuja Cements by 1.49 pc to Rs 149.80, ACC by 0.57 pc to Rs 1,090 , Ultratech Cements by 0.53 pc to Rs 1,042.90 and Grasim Industries by 0.13 pc to Rs 3,875 edged higher. Cipla rose by 0.51 pc to Rs 187.80.

HDFC was down by 1.68 pc to Rs 2,647.80, similarly Bharat Heavy Electricals by 1.53 pc to Rs 2,741, Bharti Airtel by 1.49 pc to Rs 893 and HDFC Bank by 1.41 pc to Rs 1,631.85 edged lower.

State Bank of India (SBI) hiked by 0.36 pc to Rs 2,313.10. As per reports, it is seeking to expand its foothold beyond immediate associate banks by possibly absorbing UCO Bank and Dena Bank.

Asian markets slumped today,following a sell-off on Wall Street yesterday. Hong Kong's Hang Seng was down by 2.63 pc at 26,734, followed by Japan's Nikkei by 1.03 pc at 14,887.21, Taiwan Weighted index by 2.03% at 8,504.24, Straits Times by 1.58 pc at 3,357.70 and South Korea's Seoul Composite index by 2.41 pc at 1,847.93 all edged lower.

US markets suffered sharp losses yesterday, after a broker downgrade of Citigroup sparked concerns of more mortgage losses and fears of slumping auto sales hammered GM shares. The Dow Jones industrial average plunged by 218.35 points, or 1.66 pc, to 12,958.44. The S&P 500 index fell by 25.47 points, or 1.75 pc, to 1,433.27, and the Nasdaq Composite slipped by 43.86 points, or 1.66 pc, to 2,593.38, which affected to downward trend in Indian bources, brokers added.


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