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Sensex dips below 9,000, Nifty below 2,800

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The market opened today on a weak note. Thirty-share BSE Sensex Sensex started the day at 8956, down 143 points from its Tuesday’s close. Broad-based NSE Nifty too went read to kick off the day down 38 points at 2759.

On Tuesday, the thirty-share BSE Sensex ended sharply lower due to weak global cues. Sensex ended the day with a loss of 229.02 points, or 2.45 per cent at 9,100.55 after touching a high of 9,159.76 and a low of 9,033.55. The broad-based NSE Nifty declined 49.60 points, or 1.74 per cent at 2,796.60 after hitting a high of 2,842.90 and a low of 2,758.

All sectoral indices traded in red except power. Heavy sell-off was seen in metal, banking and realty stocks and in frontliners. Indian stock market belled the day on a negative note. Sensex opened with a loss of 169.81 points, at 9,159.76 on Tuesday. It continued to trade weak as foreign funds started selling triggered by USD 41 billion loss announced by Royal Bank of Scotland, the largest loss in the UK`s corporate history. BSE Midcap and Smallcap index dropped 0.90 per cent and 0.36 per cent respectively. Among the sectoral indices, BSE Metal plunged 3.76 per cent, BSE Realty dropped 3.31 per cent, BSE Bankex shed 3.11 per cent and Oil & gas declined 2.60 per cent, while BSE Power rose 1.44 per cent. On the global front, Asian stocks declined after the UK was forced to widen a rescue of the banking industry, sparking concern that the cost of bailouts will grow as the global recession deepens.

Biggest gainers in the 30-share index were NTPC (4.27 per cent), Reliance Energy (3.16 per cent), and Tata Power Company (1.04 per cent). On the other hand, Tata Steel (6.34 per cent), Bharti Airtel (4.88 per cent), Sterlite Industries (India) (4.75 per cent), Reliance Communications (4.65 per cent), Jaiprakash Associates (4.12 per cent), and Housing Development Finance Corporation (4.09 per cent) were the biggest losers in the Sensex.

— Shailesh Shah

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