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Noon: Sensex in red as heavy stocks suffer sell-off

Noon: Sensex in red as heavy stocks suffer sell-off
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First Published: Wed, Feb 11 2009. 03 22 PM IST
Updated: Wed, Feb 11 2009. 03 22 PM IST
New Delhi: Markets are still trading with negative bias on Wednesday afternoon influenced from the bearish sentiment of Wall Street and Asia markets.
The Bombay Stock Exchange benchmark index opened in red, losing gains made in the previous two sessions. Selling pressure on funds increased as $800 billion-plus US economic rescue plan passed by the Senate remained largely ambiguous thus disappointing investors in markets worldwide.
The 30-share Sensex began the day 1.9% lower and at 12:25pm was still 1.5% lower at 9,488.43 or 159.04 points down. The 50-share NSE Nifty is still holding the 2,800 mark at 2,891.20, slipping by 43.30 points.
All the sectoral indices are trading in negative with heavy stocks like metal, oil and gas, realty and banking leading the decline.
Tata Group stocks faced sell-off with declaration of pledged shares to the tune of Rs111 crore by promoters of company’s five firms Tata Communications, Tata Steel, Indian Hotels, Tata Sons and Tata Coffee. Tata Steel slipped by 4.19% at Rs188.70 and TCS by 2.26% at Rs512.15.
Losers from the BSE pack are Reliance Infra by 5.59% at Rs531.05, DLF Ltd by 2.82% at Rs148.20, Reliance by 2.48% at Rs1,366.70, Mahindra and Mahindra by 2.29% at Rs277 and ONGC by 2.25% at Rs701.
Among Asian markets, Hong Kong’s Hang Seng is trading 2.6% lower as US stimulus plan failed to provide sufficient remedy, meanwhile Japan Financial markets are closed today.
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First Published: Wed, Feb 11 2009. 03 22 PM IST
More Topics: India | Stocks | Markets | BSE | NSE |