Equities open weak but climb back into green

November 12th, 2008 - 12:50 pm ICT by IANS  

SensexMumbai, Nov 12 (IANS) Indian equities markets opened weak Wednesday and immediately dipped before climbing back again to be in positive territory 45 minutes into trading with a key index showing marginal gains from its previous close Tuesday.Some 45 minutes into trading the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,846.40, up 6.71 points or 0.07 percent from its previous close Tuesday at 9,839.69 points.

The Sensex opened weak at 9,683.75, down 155.94 points or 1.58 percent and within minutes hit a low of 9,559.33 before recovering smartly.

The broader-based 50 share S&P CNX Nifty of the National Stock Exchange (NSE) also showed a similar trend and was ruling at 2,944.50, up 5.85 points or 0.20 percent from its previous close Tuesday at 2,938.65 points.

The BSE midcap index was, however, ruling at 3,348.30, down 8.40 points or 0.25 percent from its previous close at 3,356.70 points.

The BSE smallcap index was also in negative territory and was ruling at 3,867.83, down 20.18 points or 0.52 percent from its previous close at 3,888.01 points.

Overnight US markets had closed in the red and other Asian markets Thursday were also in negative territory.

The key index of the New York Stock Exchange Tuesday closed 2.89 percent down and the Nasdaq index finished 2.22 percent down.

Nikkei, the key index of the Tokyo Stock Exchange was down 1.49 percent Wednesday morning while Hang Seng, the key index of the Hong Kong Stock Exchange, was ruling 1.95 percent down.

Indian markets had opened weak on global cues but are showing volatility due to short covering, analysts said. The underlying sentiment continues to be weak, they added.

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