BSE sensex sheds 250 points in opening trade

{image-Bombay Stock Exchange_14082008.jpg news.oneindia.in}Mumbai, Aug 14: The Sensex of Bombay Stock Exchange plunged over 250 points to 14,841 in the opening trade on weak global cues following the rise in oil prices.

The Indian bourses slid lower in early trade as oil prices moved up to USD 116 per barrel raising fears that high oil prices would raise inflationary pressures, brokers said. Investor sentiments were also dampened by the Securities and Exchange Board of India, who extended the decision on participatory notes (PNs) at its board meeting on Wednesday, Aug 13 brokers opined. Realty and banking counters witnessed major selling pressure, while IT and metal shares were in demand. Sterlite Industries extended gains for second consecutive day.

The broader based S &P CNX Nifty index of National Stock Exchange was trading down by 62 points at 4,467. The BSE Mid-Cap index was marginally down at 5,889.61 and the Small-Cap index was at 7,208.79.

The market breadth was weak on BSE with 595 shares advancing as compared to 1122 that declined. 63 shares remained unchanged.

Index frontliners Reliance Industries fell by 0.89 per cent at Rs 2,320, ICICI Bank slipped by 4.16 per cent at Rs 681, while Infosys Technologies rose by 1.52 per cent at Rs 1,649.

Among the major Sensex losers, DLF was down by 4.96 per cent at Rs 521.50, Reliance Infrastructure slipped by 3.82 per cent at Rs 1,027.10, HDFC declined by 3.90 per cent at Rs 2,320, State Bank of India was down by 3.17 per cent at Rs 1,506 and Maruti Suzuki declined by 2.75 per cent at Rs 651.55, in the early trade.

However, Satyam Computer gained by 1.43 per cent at Rs 412, Tata Steel was up by 0.91 per cent at Rs 616 and Wipro up by 0.53 per cent at Rs 435.80.

UNI