The market opened lower tracking fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green. IT stocks gained as the rupee weakened against the dollar. The market breadth was extremely weak.
At 10:28 IST, the 30-share BSE Sensex was down 112.44 points or 0.67% at 16,624.63. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 51.65 points or 0.92% at 4,936.70.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1448 shares declining as compared to 349 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 869 crore
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates tumbled 5.57% to Rs 237.30 on 6.21 lakh shares. It was the top loser from Sensex pack.
Reliance Energy (down 3.68% to Rs 1283), DLF (down 3% to Rs 611.50), and State Bank of India (down 2.20% to Rs 1638.90), were the other losers from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.72% to Rs 2484.10 on 98,827 shares.
IT stocks gained as the rupee weakened against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.14% to Rs 483.55 on 1.41 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, TCS (up 1.38% to Rs 930), Wipro (up 0.83% to Rs 505.60), and Infosys Technologies (up 0.14% to Rs 1753), also logged gains
Maruti Suzuki India (up 0.67% to Rs 770), and HDFC (up 1.52% to Rs 2685), edged higher from Sensex pack.
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