Equities open strong but slip into redNovember 14th, 2008 - 2:13 pm ICT by IANS
Mumbai, Nov 14 (IANS) With US markets closing with gains overnight and Asian markets showing gains Friday morning, Indian equities markets opened strong Friday but began to slide with a key index down more than 150 points two hours into trading, revealing underlying nervousness, analysts said.Two hours into trading the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,371.50, down 164.83 points or 1.73 percent from its previous close Wednesday at 9,536.33 points.
The Sensex opened strong at 9,799.25, up 262.92 points or 2.76 percent from its previous close Wednesday, hit a high of 9,836.11 but then began to slide to hit a low of 9,352.41 before inching up a bit to its current value.
The broader-based 50 share S&P CNX Nifty of the National Stock Exchange (NSE) also showed a similar trend and was ruling at 2818.65, down 29.8 points or 1.05 percent from its previous close Wednesday at 2848.45 points.
The BSE midcap index was ruling at 3,240.46, down 40.81 points or 1.24 percent from its previous close Wednesday at 3,281.27 points.
The BSE smallcap index was ruling at 3,787.50, down 25.88 points or 0.68 percent from its previous close Wednesday at 3,813.38 points.