Equity markets start with big falls

July 29th, 2008 - 12:21 pm ICT by IANS  

A file-photo of Sensex

Mumbai, July 29 (IANS) Indian equity markets opened in the red Tuesday following weak global cues and stayed down in early trade. Banking, realty and select auto stocks came under selling pressure. The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, opened at 14,085.53 points, with a loss of 263.58 points from its closing figure Monday. Ten minutes into trading, it was at 14,119.30, still 229.80 points or 1.60 percent below its previous close.

At the same time the S&P CNX Nifty index of the National Stock Exchange was trading at 4,268.55 points with a loss of 63.55 points or 1.47 percent from its last close.

The market breadth was negative. On BSE, 501 shares advanced, 877 declined and 34 remained unchanged.

ICICI Bank, Tata Motors and State Bank of India were among the top losers in initial trade.

Other Asian markets were also trading lower and the New York stock exchanges had closed significantly lower Monday.

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