Markets trading on dull note, Sensex slips (Lead)

February 26th, 2009 - 1:59 pm ICT by IANS  

SensexMumbai, Feb 26 (IANS) Indian equities were trading on a dull note Thursday with global markets back in the red after ending positive a day earlier. This pulled down a key index 0.89 percent below its last closing.
Analysts said the market had already discounted a fall in India’s annual inflation rate, which fell further to 3.36 percent for the week ending Feb 14.

The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,905.56 points, was at 8,823 points shortly before noon, a fall of 79.56 points or 0.89 percent from its previous close.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 0.63 percent from its last close to rule at 2,741.55 points.

The BSE midcap index was 0.31 percent lower, while the BSE smallcap index was down 0.65 percent.

Of the 13 sectoral indices on BSE, the index for consumer goods stocks gained the most.

Among the gainers on the Sensex were L&T (up 2.02 percent at Rs.624.80), Grasim Industries (up 1.69 percent at Rs.1,431), TCS (up 0.95 percent at Rs.484.35) and ONGC (up 0.38 percent at Rs.699.40).

The top loser was Indian drug major Ranbaxy, which has been accused by the US Food and Drug Administration (FDA) of falsifying data and test results in approved and pending drug applications. The FDA also halted review of drug applications from Ranbaxy’s Himachal Pradesh plant.

The Ranbaxy scrip was down 14.98 percent at Rs.176.20.

Other losers were ICICI Bank (down 4.33 percent to Rs.325.75) and HDFC (down 4.19 percent at Rs.1,201.80).

In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, closed at 7,470.60 adding 9.38 points to its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 1.51 percent lower than its last close.

US stocks fell Wednesday after a reported sharp drop in home sales and the markets’ mixed response to the treasury department’s plan to stabilise the banking system.

The blue-chip Dow Jones Industrial Average fell 80.05 points, or 1.09 percent, to 7,270.89.

The broader Standard and Poor’s 500 Index shed 8.24 points, or 1.07 percent, to 764.9 points, while the technology-heavy Nasdaq Composite Index dropped 16.4 points, or 1.14 percent, to 1,425.43.

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