Indian equities slip after two days of gains (Lead)October 15th, 2008 - 1:10 pm ICT by IANS
Mumbai, Oct 15 (IANS) After two days of impressive gains, Indian equities dipped in the early hours of trading Wednesday on cues from other bourses, as investors also found that there were few takers for the central bank’s proposal to help mutual funds.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened weak at 11,245.27 points, against the previous close at 11,483.40 points. An hour into trading, it dipped to 11,086.69 points, with a loss of 396.71 points of 3.45 percent.
Ranbaxy Laboratories and Grasim were the sole gainers among the 30 shares that make up the Sensex, up 0.75 percent and 0.66 percent, respectively. Sterlite, on the other hand, led the losers, down 8.46 percent.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) was also down 2.79 percent, with analysts attributing the fall to the mood across the globe and limited impact of central bank’s latest move to infuse liquidity.
The Reserve Bank of India (RBI) had said Tuesday it will conduct a special 14-day repo (repurchase of securities) auction at nine percent for Rs.200 billion ($4.18 billion) to enable banks meet the liquidity requirements of mutual funds.
But with only four bids coming by for Rs.35 billion each, there was little room for cheer, analysts said. They also attributed the losses to profit taking by anxious investors who have seen the markets crash over 15 percent last week.
- Inflation prompts India's central bank to hike rates again - Jul 26, 2011
- Sensex surges 623 points on budget proposals (Second Lead) - Mar 01, 2011
- Budget proposals sharply push up Indian equities (Lead) - Mar 01, 2011
- Sensex above 17,000, JP Morgan upgrades Indian stocks (Lead) - Jun 21, 2012
- Indian equities markets closed Tuesday - Dec 06, 2011
- Day after budget, Indian equities still rule strong - Mar 01, 2011
- Sensex closes 200 points up as futures expiry nears - Aug 22, 2011
- Sensex slumps 525 points on rate hike, weak global cues (Weekly market review) - Jul 30, 2011
- Sensex rises 110 points, banking, realty stocks rally - Apr 17, 2012
- Sensex edges lower for the second day in choppy trade (Roundup) - Feb 23, 2012
- Sensex closes January with 11 percent gain, best in 16 months (Roundup) - Jan 31, 2012
- Sensex closes flat in choppy trade (Lead) - May 25, 2012
- Sensex rises 102.09 points, banking, realty stocks rally (Lead) - Apr 17, 2012
- Sensex closes 105 points lower, realty, bank stocks slump (Second Lead) - Aug 27, 2012
- Indian equities slip after two days of gains (Roundup) - Oct 15, 2008