Sensex opens over 200 points down as oil touches new highMay 8th, 2008 - 12:16 pm ICT by admin
Mumbai May 8 (IANS) Indian equities markets opened in the red Thursday, thanks to a fresh high in international crude oil prices. Oil touched $122 a barrel Wednesday. The market sentiment was also hit hard by the results of UBS Switzerland, which made a provision for sub-prime losses of $17 billion. The fact that other Asian markets were trading weak did not help either.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss of nearly 215 points or over one percent at 17,164.98. It managed to marginally climb up to 17186.79 or 0.88 percent a few minutes into trading.
The S&P Nifty index of the National Stock Exchange opened at 5,135.80 points notching a loss of 0.74 points and within minutes slid further to 5,089.05 points, a drop of 0.90 percent from its previous close.