Sensex opens 93 points down

Sensex lost nearly 700 pts in previous five sessions,moved down further by 0.57 to 16,123.04

Continuing its slide for the sixth straight session,the BSE benchmark Sensex fell further by 93 points in opening trade today on continued selling by foreign funds amid concerns over rising inflation.

The 30-share barometer,which has lost nearly 700 points in the previous five sessions,moved down further by 92.80 points,or 0.57 per cent,to 16,123.04 in opening trade.

All sectoral indices,led by healthcare,auto and power stocks,fell up to 0.45 per cent.

Similarly,the wide-based National Stock Exchange index Nifty declined by 39.25 points,or 0.79 per cent,to 4,868.55.

The trading sentiments remained bearish on continued selling by funds and retail investors on concerns that the rise in inflation will reduce chances of further rate cuts by the Reserve Bank and downgrading of ICICI Bank,HDFC Bank and Axis Bank by rating agency Moody8217;s,brokers said.

A deprecating rupee,which plunged to record low against the US dollar was another dampening factor,they added.

In the Asian region,the Japan8217;s Nikkei fell by 1.38 per cent,while Hong Kong8217;s Hang Seng shed 0.07 per cent in early trade. The US Dow Jones Industrial Average ended 0.98 per cent in yesterday8217;s trade.PreOpen Sensex to watch

GLOBAL MARKETS ROUNDUP

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The near-month derivative contract for India8217;s NSE index at Singapore Exchange fell 0.66 percent; MSCI Asia ex-Japan was down 0.93 percent.

Provisional exchange data showed that foreign investors were net buyers for third day in row of Indian stocks,worth 3.55 billion rupees on Monday.

Asian shares fell on Tuesday as investors liquidated riskier assets and sought refuge from the political turmoil fuelling fears of Greece8217;s exit from the euro and threatening to ruin any progress made so far to solve the euro zone debt crisis.

US stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China8217;s economy may be softening more than previously thought.

KEY EVENTS TO WATCH

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Honda,the world8217;s largest motorcycle manufacturer,enters India8217;s mass commuter segment on Tuesday as it starts hunting down former partner Hero MotoCorp,India8217;s biggest two-wheeler company. 0530 GMT

Jan-March earnings: Aditya Birla Nuvo,Akzo Nobel India,Bank of Baroda,Unitech

INDIAN STOCKS TO WATCH

ENERGY/COMMODITIES

JSW Steel,India8217;s third-biggest steelmaker,reported a 10 percent fall in quarterly net profit,beating expectations,and said it expected to operate its main plant at 80 percent capacity in 2012/13 as iron ore supplies take time to stabilise.

RETAIL

Speciality Restaurants has set a price band of 146 rupees to 155 rupees a share for its IPO aimed at raising up to 1.82 billion rupees.

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The company,which runs popular restaurants such as Mainland China,Oh! Calcutta and Sigree,plans to sell 11.74 million shares through the offering,for which subscriptions open on May 16 and close on May 18.IFR

The Future Group will sell its 56 percent stake in non-banking financial company,Future Capital Holdings ,to Warburg Pincus.

REAL ESTATE

INDUSTRIAL / AUTOS

Larsen and Toubro expects 15-20 percent growth in new order wins and revenue in fiscal year 2012/13,Chief Financial Officer R. Shankar Raman said on Monday. The engineering conglomerate reported a better-than-expected 14 percent growth in net profit for quarter ended March.

OTHER FACTORS TO WATCH

Indian debt/FX factors to watch

Euro wobbles near 4-month low on Greek deadlock

Oil falls as Greece,China feed economic worry

Foreign institutional investor flows

For closing rates of Indian ADRs