Markets decline ahead of national budget presentationFebruary 29th, 2008 - 12:27 pm ICT by admin
Mumbai, Feb 29 (IANS) The Indian capital market opened on a negative note with weak cues from global markets and investor apprehension ahead of the national budget for 2008-09 to be presented by Finance Minister P. Chidambaram Friday. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened with a loss of 44.94 points at 17,779.54. Within 10 minutes into trade, it was trading at 17,696.21, with a loss of 128 points compared to its previous close.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange was down by 28.55 points at 5,256.45 points.
The market breadth at BSE was negative with low volumes. In the initial trade 386 shares advanced, 370 declined and 25 remained unchanged.
All the Asian markets were trading in red.
In US markets, Dow Jones and Nasdaq indices ended with hefty losses Thursday.
At BSE, metal, IT, energy and banking stocks opened in red.
Major gainers in early trade at BSE were TCS, NTPC, Reliance Industries, Nagarjuna Fertiliser and GMR Infrastructure.
Tata Power, ICICI bank, Wipro, Infosys, Satyam, GAIL and NALCO were significant shares on the top losers’ list.