Equity markets in the red in early trade

July 31st, 2008 - 12:19 pm ICT by IANS  

A file-photo of Sensex

Mumbai, July 31 (IANS) Indian equity markets, which opened marginally higher Thursday, slipped into the red within the first ten minutes. There was selling pressure on banking, FMCG and technology stocks. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 72.27 points at 14,359.48 points. But ten minutes into trading, it slipped into the red and was at 14,206.54 points with a loss of 80.67 points or 0.56 percent from its closing figure Wednesday.

At the same time the S&P CNX Nifty index of the National Stock Exchange was trading at 4,297.85 points with a loss of 15.70 points or 0.36 percent from its last close.

However, the market breadth was positive. On BSE, 445 shares advanced, 272 declined and 14 remained unchanged.

Sterlite Industries, Wipro and Tata Steel were among the top gainers while ITC, Tata Motors and ACC Ltd were among the losers in initial trade.

Other Asian markets were trading mixed.

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