Indian equities turn negative after opening highDecember 11th, 2008 - 1:22 pm ICT by IANS
Mumbai, Dec 11 (IANS) A key index of the Indian equities markets dipped two hours into trading after climbing since the opening bell and was around 9,592.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 63.80 points or 0.66 percent.
However, the majority of the market had not caved in with about 700 stocks gaining since morning trade, prompting analysts to remain indecisive on whether the Sensex would be able to sustain the recent rally.
Technology stocks slipped while banking stocks held on to previous gains.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also dipped with a fall of 2907.65 or 0.70 percent.
The BSE midcap index, however, rose with an increase of 1.20 percent or 35.51 points over the close on Wednesday.
The BSE smallcap index was almost similar with a rise of 0.85 percent or 28.83 points. Indian equities also seemed to have been influenced by weak Asian markets, which were ruling lower than yesterday.
The Nikkei, a key index of the Tokyo Stock Exchange was ruling 0.17 percent lower than Wednesday’s close while the Hang Seng, key index of the Hong Kong Stock Exchange fell by 0.39 percent over its previous close.
The US markets Wednesday closed higher with a key index of the New York Stock Exchange (NYSE) finishing 108.61 points up. The Nasdaq index closed 1.17 percent higher than its previous close.