Sensex dips 106 pts in early trade

Sensex dips 106 pts in early trade

Sensex,which had gained about 205 points yesterday,fell by 106.37 points to 17,150.99.

The BSE benchmark index Sensex today declined by over 106 points in early trade,as funds and retail investors booked profits after yesterday’s gains amid a weakening trend on other Asian bourses.

The 30-share index,which had gained 204.58 points yesterday,fell by 106.37 points,or 0.62 per cent,to 17,150.99,with stocks of consumer durable,banking,realty and metals coming under pressure.

Similarly,the wide-based National Stock Exchange index Nifty shed 32.30 points,or 0.62 per cent,to 5,210.85. Brokers said profit-booking by participants after yesterday’s gains and a weakening trend in other Asian bourses,following overnight losses on the US markets,led to the fall in stock prices here.

In addition,a cautious approach adopted by participants ahead of tomorrow’s monthly expiry in the derivatives segments also influenced the trading sentiment,they added.


In the Asian region,Hong Kong’s Hang Seng index fell by 0.40 per cent,while Japan’s Nikkei Index shed 0.99 per cent in morning trade. The US Dow Jones Industrial Average ended 0.33 per cent lower yesterday.


* Asian shares drifted lower on Wednesday as investors waited for more clues on the state of the U.S. economy,after hopes for further stimulus from the U.S. Federal Reserve strengthened risk appetite and lifted prices the previous session.

* U.S. stocks retreated from near four-year peaks on Tuesday,while a batch of large-cap shares hit new highs,with the help of portfolio managers snapping up top performers near the end of the quarter.


* Leaders from BRIC countries,plus South Africa,arrive in New Delhi for a summit meeting in which they are likely to discuss the global economic crisis,especially the euro zone and their own growing headaches. (All day)


* CLSA has stopped selling participatory notes,or derivatives through which foreign investors can invest in Indian securities,citing recent uncertainty regarding the taxation of these products,several sources familiar with the situation said.

* India plans to raise 3.7 trillion rupees ($72.98 billion) through bond sales during April-September,in line with market expectations,but dealers expect yields to rise on back of heavy weekly supplies.

* An up to $25 million initial public offering by India’s state-run National Buildings Construction Corporation (NBCC) was subscribed nearly five times the shares on offer at the close of the issue on Tuesday,the stock exchange data showed.

* India has agreed to examine jewelers demand for removal of excise duty levied on unbranded jewelry and come out with an acceptable solution,but won’t reduce import duty on gold and platinum,Finance Minister told lawmakers on Tuesday.

* India’s L&T Finance Holdings has acquired Fidelity Worldwide Investment’s India mutual fund business to boost growth in the country’s growing but highly competitive asset management business.

* Ailing Indian carrier Kingfisher Airlines said on Tuesday it has temporarily suspended operations to several destinations as per its revised flight schedule,and has asked most employees at those places to stay at home.

* Indian Internet and media company Sify Technologies Ltd said it would sell its entire stake in MF Global’s India unit in all cash deal. Financial details of the deal were not disclosed.

* Tata Global Beverages Ltd says its board approves independent purchase of 1.4 million shares of Mount Everest Mineral Water Ltd from Foresight Holdings and Vinod Sethi at 198 rupees per share.

* State-run Air India’s board on Tuesday approved a $195 million bridge loan for financing its purchase of two Boeing 787 Dreamliner aircraft.

* State-owned HUDCO,IIFCL and LIC will replace private sector infrastructure firms IL&FS and IDFC in the company that will execute the ambitious $90-billion Delhi-Mumbai Industrial Corridor. (Economic Times)

* Japan’s Mitsubishi Pencil has picked up a 13.5% stake in Linc Pen & Plastics for around 200 million rupees. (Economic Times)

* Dr Reddy’s Laboratories expects to sign a definitive agreement by June with Japan-based Fujifilm for a joint venture that will develop and produce generic drugs for the Japanese market. (Economic Times)


* Indian rupee seen down on inflow worries,payments

* Indian bond report

* Yen supported by Japanese exporter flows

* Brent breaches $125 on US crude stocks rise

* Shares pause after rally,eye US data


* Wall St dips,but winners gain as quarter’s end near

* Foreign institutional investor flows

* For closing rates of Indian ADRs