Sensex sheds 190 pts in opening trade

Mumbai, Jul 14: The benchmark index of Bombay Stock Exchange plummet over 190 points at 13,280 in the opening session, following worries over weak industrial production and high inflation reported last week. After resuming the day with a negative gap of 110 at 13,360.34, Sensex extended the losses on sustained selling pressure across the sector in the early trade, brokers said.

The negative sentiments in the market was anticipated by the brokers due to multiple weak domestic as well as global cues. Most of the Asian markets were trading in negative zone. Backhome, the broader-based Nifty was down by 25 points at 4,023. Mid-cap and Small-cap index were marginally down and the sectoral indices on BSE were mixed.

IT stocks fell due to the concern of rising rupee against US Dollar. IT index plunged 2.76 per cent. Interest rate sensitive indices like bank, realty and auto stocks were also struggling in red. Bankex declined over two per cent, while realty, auto and power indices were down by one per cent in the early trade.

Pharma major ranbaxy tumbled 8.75 per cent to Rs 485 on 5.86 lakh shares and was the top loser from Sensex pack. The stock was hammered after reports that the US government has levelled serious allegations against the Company.

Reliance Industries declined by 0.46 per cent at Rs 2,007 on 1.28 lakh shares, ICICI Bank declined by 2.17 per cent at Rs 578.70 tracking its American depository receipt (ADR), which lost 7.4 per cent on the New York Stock Exchange (NYSE) on Friday.

However, Tata Steel gained by 2.05 per cent to Rs 679.50 on 1.80 lakh shares. It was the top gainer from Sensex pack. Oil and Natural Gas Corporation rose by 1.30 per cent to Rs 860.30. The Company is reportedly in talks with British firm Imperial Energy Corp to form an alliance which could include it buying an equity interest in the UK-based firm.

UNI