Markets go quiet, Sensex down 2.8 percent (Lead)

April 8th, 2009 - 1:19 pm ICT by IANS  

Sensex Mumbai, April 8 (IANS) Indian equities markets resumed trade in the red Wednesday after a day’s break, as traders sold stocks in key markets across the globe. A key Indian index was ruling around 3 percent in the red about half an hour before noon.
At this time, the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,283.58 points, was at 10,232.98 points, 2.87 percent or 301.89 points lower than its previous close Monday.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,177.25 points, 2.44 percent down from its last close at 3,256.6 points.

However, broader market indices like the BSE midcap and BSE smallcap were holding on to gains, with the BSE midcap index trading 0.24 percent higher, and the BSE smallcap index up 1.07 percent.

All the 13 sectoral indices on the BSE turned negative with the index for consumer durables and fast moving consumer goods (FMCG) stocks gaining the most.

Among the gainers on the Sensex were Tata Motors, up 4.95 percent at Rs.219.50; Ranbaxy, up 1.54 percent at Rs.185.10; Sun Pharma, up 1.53 percent at Rs.1,085.30, and NTPC, up 0.87 percent at Rs.186.

The losers were Hindalco, down 7.67 percent at Rs.55.35; HDFC, down 4.98 percent at Rs.1,010; ONGC, down 4.92 percent at Rs.842.20; and Bharti Airtel, down 4.58 percent at Rs.629.65.

Other Asian markets were also in the red Wednesday, with a key Japanese index - the Nikkei of the Tokyo Stock Exchange - ruling 256.7 points at 8,576.15 points, a little before close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 4.05 percent lower than its last close.

In the US, Wall Street Tuesday witnessed a reversal in the recent rally as most analysts were of the view that recent gains could not be sustained as corporate earning were on the decline.

The blue-chip Dow industrials fell 186.29 points or 2.34 percent to 7,789.56 points, while the broader Standard and Poor’s 500 index lost 19.93 points, or 2.39 percent to 815.55 points.

The technology-heavy Nasdaq Composite Index was down 45.1 points or 2.81 percent to close at 1,561.61.

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