Technology, banking stocks under pressure in India

March 31st, 2008 - 1:26 pm ICT by admin  

A file-photo of Sensex
(Lead)

Mumbai, March 31 (IANS) The Indian equities market opened in the red Monday, tracking its global peers. In initial trade, technology and banking counters witnessed selling pressure. The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a cut of 252 points at 16,226.66. Fifteen minutes into trading, the Sensex was at 16,077.70 points, down by nearly 293.59 compared to its previous close.

At the same time the S&P Nifty of National Stock Exchange was at 4,878.25 points, down 63.75 from its previous close.

The market breadth was positive with modest volumes. In the initial trade 800 scrips advanced, 623 declined and 28 remained unchanged.

Other Asian markets were trading weak. Hong Kong’s Hang Seng plunged 1.12 percent, Japan’s Nikkei fell 1.50 percent, Taiwan’s Taiwan Weighted was down 1.19 percent. However, Singapore’s Straits Times was up 0.15 percent. South Korea’s Seoul Composite was flat at 1,700.55.

Cairn, DLF, Infosys, State Bank of India, L&T, Reliance Energy, Wipro, and Unitech were among the top losers on the Indian bourses. Cipla, ONGC and Bharti Airtel were among the gainers in initial trade.

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