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Markets slip, Sensex down 100 points

Tuesday, June 02, 2009 (11:48:01) Tags: Business, Mumbai, Economy, Indian equity markets, Sensex Mumbai: Indian equity markets slipped into the red with a key index dipping 100 points by late this morning, after having risen more than a percent at the opening bell. Around 11.30 a.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,892.93 points, gave up its morning's gains to rule at 14,730.34 points, 110.29 points or 0.74 percent lower than its previous close. It had risen more than 133 points soon after trading opened today. Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) stood at 4,489.9 points, 0.88 percent below its last close at 4,529.9. Broader market indices slipped more, with the BSE midcap index ruling 1.09 percent lower than its previous close, while the BSE smallcap index was down 1.33 percent. Of the 13 sectoral indices on the BSE, the indices for realty, PSU and power stocks were under pressure, while auto and FMCG stocks were on the gaining side. The market breadth was negative, with 1,138 stocks advancing, 1,306 declining and 64 remaining unchanged. Among gainers at this time on the Sensex were Sterlite, up 1.54 percent at Rs.675; Mahindra and Mahindra, up 1.37 percent at Rs.720.15; Tata Steel, up 1.02 percent at Rs.442.40; and Tata Steel, up 0.84 percent at Rs.1,095. Among the losers were Ranbaxy, down 4.46 percent at Rs.262.35; Reliance Infra, down 4.06 percent at Rs.1,248; Jaiprakash Associates, down 3.27 percent at Rs.213; and ACC, down 3.01 percent at Rs.808. Other Asian markets were trading mixed, with a key index of the Tokyo stock exchange, Nikkei 225 Stock Average Nikkei, dipping from its day's highs to trade 50.55 points higher than its previous close at 9,728.30 points. On the other hand, the Hang Seng, a primary index of the Hong Kong stock exchange, was 57.65 points down at 18,830.94 points. Wall Street's major stock indices rallied on Monday despite General Motors filing for bankruptcy, as strong manufacturing and construction reports raised hopes of a global economic recovery. The blue-chip Dow Jones Industrial Average added 221.11 points or 2.6 percent, to 8,721.44, to its highest since January, while the broader Standard and Poor's 500 Index gained 23.73 points or 2.58 percent, to 942.87. The technology-heavy Nasdaq Composite Index rose 54.35 points, or 3.06 percent, to 1,828.68.(IANS)