Sensex drops; SBI rises,Bharti falls

Kingfisher Airlines is likely to come under further pressure.

Written by Agencies | Mumbai | Published: February 23, 2012 9:24:26 am

Sensex today eased early on concerns over a slowdown in the global economy,including higher oil prices and data showing the euro zone may be sliding toward recession,fanning fresh worries about Greece.

State Bank of India rose more than 2 per cent after an official at the country’s top lender said the bank has not given further loans to debt-ladden Kingfisher Airlines ,which fell more than 11 per cent in opening trade.

Mobile operator Bharti Airtel fell 3.6 per cent after South Africa-based Econet Wireless filed a suit on Wednesday seeking at least $3.1 billion in damages from Bharti in a dispute over the ownership of its subsidiary Airtel Nigeria.

At 9:20 a.m. (0350 GMT),the main 30-share BSE stock index was down 0.1 per cent at 18,137.06,with 16 of its components falling. The broader 50-share NSE index was also down 0.1 per cent at 5,500.75.

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PREOPEN

Sensex seen down; Bharti likely to fall

Sensex today is expected to open lower on concerns over a slowdown in the global economy,including higher oil prices and data showing the euro zone may be sliding toward recession,fanning fresh worries about Greece.

Mobile operator Bharti Airtel may fall after South Africa-based Econet Wireless filed a suit on Wednesday seeking at least $3.1 billion in damages from Bharti in a dispute over the ownership of its subsidiary Airtel Nigeria.

Kingfisher Airlines is likely to come under further pressure after State Bank of India,the carrier’s biggest lender,said it had not given any fresh loans to the ailing airlines.

The escalating Iranian nuclear row,which has helped push up oil prices 11 percent this year,also returned to the radar for global investors.

By 0305 GMT,the MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.5 percent,while the Nifty India stock futures index traded in Singapore was little changed.

On Wednesday,India’s benchmark 30-share index fell 1.54 percent to 18,145.25.

STOCKS TO WATCH

* DB Realty will likely fall after United Arab Emirates telecom operator Etisalat said late on Wednesday it would shut down the operations of its telecoms joint venture with the Indian company.

* Sterlite Industries is seen rising after the Financial Express newspaper reported on Thursday that London-listed parent company Vendanta would sell stakes in three units to the Indian company in an all-share deal.

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