Equity markets wipe out loss in early trade

August 7th, 2008 - 12:16 pm ICT by IANS  

A file-photo of Sensex

Mumbai Aug 7(IANS) Indian equity markets opened slightly lower Thursday following weak markets elsewhere in Asia but wiped out the loss within ten minutes, thanks to buying interest in banking, IT and FMCG stocks. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 41.68 points at 15,031.86 points. Ten minutes into trading, it had climbed to 15,135.35 points, a gain of 61.68 points or 0.41 percent from its closing figure Wednesday.

At the same time the S&P CNX Nifty index of the National Stock Exchange was trading at 4,527.00 with a marginal gain of 9.45 points from its previous close.

The market breadth was positive. On BSE, 740 shares advanced, 336 declined and 26 remained unchanged.

HDFC, Tata Steel and Sterlite Industries were among the gainers while Bharti Airtel, Mahindra and Mahindra and Tata Power were among the losers in initial trade.

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