The BSE benchmark Sensex declined by nearly 65 points in early trade today on funds’ selling triggered by a weakening trend on other Asian bourses after Standard and Poor’s cut the rating of nine European nations.
The 30-share BSE index,which gained 117.11 points in the previous session,declined by 64.50 points,or 0.40 per cent,to 16,090.12 points.
The wide-based National Stock Exchange Nifty index shed 19.45 points,or 0.40 per cent,to 4,846.55 points.
Profit-booking in metal,capital goods,auto and banking stocks dragged the Sensex down,brokers said.
Fresh selling by funds on renewed worries over eurozone debt crisis after Standard and Poor’s cut ratings of nine European nations,including France and Austria’s triple-A status impacted the market sentiments,they said.
In the Asia region,Hong Kong’s Hang Seng Index fell by 1 per cent and Japan’s Nikkei Index by 1.53 per cent in early trade today.
STOCKS ON THE MOVE
* Cable operators Den Networks and Hathway Cable and Datacom rose 9.46 percent and 11.3 percent respectively,after the Business Standard reported Reliance Industries has approached the companies to buy stakes as part of its strategy to reach consumer homes for its fourth-generation broadband services.
* Gas distribution companies fell for a second straight session on a media report the government has asked the petroleum regulator to determine marketing margins for natural gas on the basis of costs.
Sate-run gas utility GAIL (India) Ltd,Petronet LNG Ltd and Indraprastha Gas Ltd were down by 1 to 5.6 percent.
MAIN TOP THREE BY VOLUME
* Suzlon Energy on 9.5 million shares
* Jaiprakash Associates on 9.57 million shares
* Unitech on 3.57 million shares
FACTORS TO WATCH
* Indian rupee report
* Indian bond report
* Euro shaky after mass ratings downgrade,outlook poor
* Oil falls on euro zone worries,posts weekly loss
* Shares fall as euro zone downgrades rekindle fears
* Wall St slips on reports of euro-zone downgrades
* For closing rates of Indian ADRs