Sensex down 121 pts in early trade

Posted By: Pti
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Mumbai, Feb 10 (PTI) The BSE benchmark Sensex was down by121 pts in early trade today, with no let-up in sellingpressure on interest rate-sensitive stocks amid weak Asiancues.

The BSE 30-share Sensex was down 120.63 points, or 0.69per cent, at 17,472.14 at 1015 hours, while the NSE''s 50-shareNifty was also down by 14.60 points, or 0.28 per cent, at5,238.95.

Interest rate-sensitive realty stocks extended theirsteep losses on concerns that higher interest and higherproperty prices may dent demand for residential units.

Realty major Unitech tumbled to a 52-week low asinvestors punished the firm for being named by the CentralBureau of Investigation (CBI) as one the beneficiaries ofcheap spectrum allocation in 2008.

However, shares of Anil Dhirubhai Ambani Group (ADAG)firms rebounded after suffering steep losses yesterday.

Asian markets were trading lower as investors bookedprofits in light of the US Federal Reserve''s warning that therecovery of the world''s largest economy was still fragile andwarned against sharp spending cuts.

The key benchmark indices in Hong Kong, Japan, Indonesia,South Korea, Singapore and Taiwan fell by between 0.09 percent to 1.91 per cent, while China''s Shanghai Composite roseby 0.78 per cent in early trade today.

US Federal Reserve Chairman Ben Bernanke had yesterdaystated that US economic conditions were still too weak for thecentral bank to withdraw monetary stimulus measures.

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