Morning: Markets turn positive after falling 0.5%

Morning: Markets turn positive after falling 0.5%
PTI
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First Published: Thu, Aug 27 2009. 11 10 AM IST
Updated: Thu, Aug 27 2009. 11 10 AM IST
Mumbai: Indian shares erased losses of as much as 0.5% and turned positive on Thursday morning as investors covered short positions ahead of the expiry of monthly derivatives contracts.
At 10:55am, the 30-share BSE index was flat at 15,768.77 points, with 16 stocks gaining, after falling to as much as 15,685.49 earlier. The 50-share NSE index was flat at 4,679.95.
Snapping a five-session winning streak, the Bombay Stock Exchange benchmark Sensex plunged by 84 points in opening trade on emergence of profit-booking at higher levels amid weak Asian markets.
The 30-share index, Sensex, which had gained nearly 960 points in the past five straight sessions, fell by 84.36 points at 15,685.49, or 0.80%, as stocks of realty, metals and auto came under some pressure.
Similarly, the Nifty index on the wide-based National Stock Exchange lost 35.70 points,or 0.29 per cent to 4,645.15.
Emergence of profit-booking by funds as well as retail investors mainly led to the decline in stock prices, brokers said.
Squaring-up of positions by market participants, as today being the last session of monthly expiry in the derivatives segment also put some pressure on the trading sentiment.
Trading sentiment also turned weak as growth of six core infrastructure industries eased to 1.8% in July, the lowest this fiscal.
Major losers were DLF Ltd which was down 0.60% to Rs396.65, Tata Steel 1.33% to Rs 453.95, Hindalco 1.17% to Rs 105.90, MSI 0.98% to Rs1,391.30, Tata Motors 1.88% to Rs489.30, Reliance Industries 0.91% to Rs2,021 and Reliance Infra by 1.02% to Rs1,135.25.
The Japan’s Nikkei was down up to 2%, while Hong Kong’s Hang Seng index shed 0.50% in morning trade today.
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First Published: Thu, Aug 27 2009. 11 10 AM IST
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