Sensex dips by 277.87 pts in opening trade

Mumbai, Sep 12: The benchmark index of Bombay Stock Exchange nose-dived 277.87 points near a low of 14K level at 14,046.42, after opening positive, on early volatility bouts in the opening trade. Sensex opened with a positive gap of 107.79 points at 14,432 on fall in inflation for the third week in a row, but soon skid into red due to selling pressure in select scrips coupled with lack of buying interest due to persisting uncertainty in the market, brokers said.

Meanwhile, the broader-based Nifty index of National Stock Exchange was trading 40 points down at 4,250.

The wholesale price index-based inflation was quoted at 12.10 per cent on the week August 30, 2008, marginally down as compared to 12.34 per cent in the previous week, government data released after market hours yesterday showed.

Industrial production data for July 2008 is scheduled to be released today.

IT stocks dropped on overnight fall in their American depository receipts (ADRs). Infosys tanked 5.26 per cent at Rs 1,657, Satyam Computer Services fell 2.64 per cent at Rs 410.05, Wipro tumbled 1.59 per cent at Rs 420.10. However, Tata Consultancy Services gained 0.27 per cent at Rs 838.

Maruti Suzuki India gained 2.11 per cent at Rs 693.05, Bharat Heavy Electricals was up 1.47 per cent at Rs 1,690.70, Tata Power Company up 1.17 per cent at Rs 1,022.10.

Foreign Institutional Investors (FIIs) were net equity sellers worth Rs 1,506.96 crore, while mutual funds bought shares worth Rs 586.59 crore yesterday.

FIIs were net sellers of Rs 1,927.80 crore in the futures&options segment. They were net sellers of index futures to the tune of Rs 1,233.38 crore and sold index options worth Rs 505 crore. They were net sellers of stock futures to the tune of Rs 190.96 crore and bought stock options worth Rs 1.55 crore.

UNI