Sensex down 90 points in early trade

The BSE benchmark Sensex fell by nearly 90 points in early trade today.

Written by Agencies | Mumbai | Published: September 11, 2012 9:47 am

The BSE benchmark Sensex fell by nearly 90 points in early trade today after four sessions of gains on emergence of profit-booking by funds and retailers amid a weak trend in Asian markets.

The 30-share barometer,which gained nearly 455 points in the last four sessions,declined by 89.40 points,or 0.50 per cent,to 17,677.38 with metal,banking and capital goods stocks leading the fall.

Similarly,the wide-based National Stock Exchange index Nifty fell by 31.35 points,or 0.58 per cent,to 5,332.10.

Brokers said fresh selling by funds and retail investors, mostly of a profit-booking nature,and a weakening on Asian bourses influenced the trading sentiment.

Besides,a cautious approach adopted by participants ahead of IIP data to be released tomorrow also impacted the trading sentiments,they said.

In Asian region,Hong Kong’s Hang Seng index eased by 0.53 per cent,while Japan’s Nikkei shed 0.80 per cent in the opening trade today.

The US Dow Jones had ended 0.39 per lower in yesterday’s trade.

Indian stocks to watch-Sept


Nifty futures on Singapore Exchange fell 0.4 percent while the MSCI-Asia Pacific index excluding Japan fell 0.3 percent.

Wall Street stocks fell on Monday as investors locked in gains on a recent rally ahead of possible policy action from the Federal Reserve later this week.

Asian shares eased on Tuesday ahead of a key German ruling on the euro zone’s bailout funds and the U.S. Federal Reserve’s policy decision.


Arvind Mayaram,a Ministry of Finance official looking after a proposed hike in diesel and other fuel prices will address the annual general meeting of industry lobby group FICCI. (1230 IST,0700 GMT)

India’s highest court will start hearing final arguments in a case that pits Swiss drugmaker Novartis AG against India’s patent office,which has refused a patent on the company’s cancer drug Glivec.



A unit of Carlyle Group and others including State Bank of India and IFCI have bought a 15 percent stake in South Indian Bank,according to chief executive of SIB VA Joseph.

India’s MCX Stock Exchange aims to formally start stocks trading around the Diwali festival in mid-November,chief executive Joseph Massey said on Monday,in its quest to become the country’s third major equities market. ENERGY/COMMODITIES

About 10 coal blocks given to private companies face the risk of penalties,including cancellation,as their owners have not been able to do much to develop them for years,and have not put up a strong case to convince the panel of officials scrutinising the allocations.

A senior coal ministry official said the panel would submit its recommendations this week and Union Coal Minister Sriprakash Jaiswal would take a final call on the cancellation of mining leases.


Max India Ltd,a diversified group with interests in hospitals and life insurance businesses,said on Monday it had sold its unit that makes polypropylene film to Germany’s Treofan for 5.4 billion rupees ($97 million).


Hit by the rupee depreciation,Sistema Shyam Teleservices (SSTL) which operates telecom services under the MTS brand,on Monday reported a net loss of 11.8 billion rupees in the second quarter ended June 30,compared with 6.6 billion rupees in the corresponding period last year.


ITC has increased its stake in hospital operator EIH to 16 percent from 15 percent through a share block purchase.

Hennes & Mauritz is in talks with Arvind Ltd ,Reliance Industries-owned Reliance Brands and Delhi-based luxury fashion retailer Genesis Colors as it looks for a partner with which to enter the India market,said two people with knowledge of the talks.


Indian debt/FX factors to watch

Euro steadies below 4-month high,200-day average

Oil higher on expectations of Fed economic stimulus

Foreign institutional investor flows

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