BSE Sensex opens low at 14,289.97 points

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Mumbai, Aug 28: The key benchmark Sensex on Thursday, Aug 28 resumed low at 14,289.97 points on the Bombay Stock Exchange (BSE), showing a net loss of 6.82 points from it last finish on profit booking at higher levels by local operators.

Similarly, the Nifty index of National Stock Exchange (NSE) also opened negative at 4290.75 with a small loss of nearly two points from 4,292.10 points. Both the indices opened weaker due to mixed global cues. Volatility may increase during the day as derivative contracts for August 2008 series expire and inflation data for the week ended August 16 is released. Rise in crude oil prices may weigh on the bourses, as Hindalco Industries have already tumbled over 10 per cent. Banking shares were firm ahead of the inflation data, a leading broker said.

As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 62 per cent, while that of Nifty was at 56 per cent, as on August 26, 2008. The rollovers are in line with those in previous series.

The wholesale price index for the week ended August 16, will be released after market hours today, is forecast to have risen to a fresh 16-year high.

Later, the BSE 30-share Sensex was down by 14.68 points or 0.10 per cent to 14,282.12. It opened 6.82 points lower at 14,289.97. Sensex gained 50.40 points at day's high of 14,347.19 hit in early trade, while day's low of 14,283.14 struck in early trade. Similarly, the S &P CNX Nifty index of NSE slipped nearly 10 points or 0.22 per cent to 4,282.55 points from it last finish of 4292.10 points.

Leading heavy weight stocks suffered setback, like Hindalco Industries tumbled by 10.10 per cent to Rs 124.70 on 3.27 lakh shares, becoming the top loser from Sensex pack. DLF was down by 1.11 per cent to Rs 472.60, ITC came down by 0.52 per cent to Rs 182.55 and NTPC eased by 0.76 per cent to Rs 169.90 edging lower from the Sensex pack.

Oil &Natural Gas Corporation (ONGC) shed 0.84 per cent to Rs 997.20 after British oil and gas explorer Imperial Energy said on August 26, that its management has agreed to a takeover from ONGC worth 1.4 billion pounds (USD 2.6 billion).

However, Reliance Industries (RIL) was up marginally by 0.09 per cent to Rs 2,149.70 on 69,133 shares. Maruti Suzuki India rose 1.61 per cent to Rs 636.50 on 19,087 shares, rising as top gainer from the Sensex pack.

Banking shares were firm ahead of the inflation data due after market hours today, as ICICI Bank was up by 0.36 per cent to Rs 651.40, followed by HDFC Bank up by 0.42 per cent to Rs 1,238.70, State Bank of India by 0.10 per cent to Rs 1,331.20, Sterlite Industries by 1.17 per cent to Rs 620, Tata Power by 0.63 per cent to Rs 1,018 and Tata Motors by 0.76 per cent to Rs 426, edging higher from the Sensex pack.


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