Markets slip into red after positive start (Lead)

March 16th, 2009 - 1:17 pm ICT by IANS  

Sensex Mumbai, March 16 (IANS) Indian equities markets slipped marginally into red shortly before noon Monday, after positive global bourses had helped a key index start trade in the green.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,793.89 points, higher than its 8,756.61 point close Friday, was at 8,737.93 points late in the morning, 0.21 percent or 16.48 points lower than its previous close.

At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,714.85 points, 0.16 percent down from its last close of 2,719.25.

However among broader market indices, the BSE midcap index was 0.71 percent higher than its previous close, while the BSE smallcap index was also up 0.69 percent.

Of the 13 sectoral indices on the BSE, the indices for consumer durables and banking stocks gained the most, while IT and metal stocks saw some selling.

Among the gainers on the Sensex were Mahindra and Mahindra, up 5.28 percent at Rs.363; Jai Prakash Associates, up 4.51 percent at Rs.74.10; Ranbaxy, up 3.03 percent at Rs.142.70; and Tata Motors, up 2.1 percent at Rs.165.

Losers at this time were: HDFC, down 2.97 percent at Rs.1,339; Sun Pharma, down 2.62 percent at Rs.995; Maruti Suzuki, down 2.37 percent at Rs.695.50; and Reliance Communications, down 2.28 percent at Rs.143.50.

In other Asian markets, Tokyo stocks were trading in the green, a little before close Monday. Japan’s benchmark Nikkei 225 Stock Average was ruling 156.74 points higher than its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 0.96 percent above its last close, at 12,646.31 points.

US stocks had closed on the up Friday with the blue-chip Dow Jones Industrial Average ending trade 53.92 points, or 0.75 percent up at 7,223.98.

The broader Standard and Poor’s 500 Index climbed 5.81 percent, or 0.77 percent, to 756.55, while the technology-heavy Nasdaq Composite Index gained 5.4 points, or 0.38 percent, to 1,431.50.

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