Noon: Markets extend losses to 4% on profit-selling

Noon: Markets extend losses to 4% on profit-selling
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First Published: Mon, Mar 30 2009. 01 09 PM IST
Updated: Mon, Mar 30 2009. 01 09 PM IST
Mumbai: Indian shares extended losses to 4% on Monday, weighed down by losses in Asia and as investors took profits after the market had risen more than 20% over the past three weeks.
At 12.38pm, the main 30-share Bombay Stock Exchange benchmark Sensex BSESN was down 4.05% at 9,641.99, with 27 components losing ground. The 50-share NSE Nifty was down 3.53% at 2,998.90.
Snapping a long winning-streak, the BSE slipped below 10,000 points level by losing 250.43 points in opening trade on emergence of profit-selling.
All the sectoral indices were trading in negative zone with losses up to 3.48%.
Stock brokers said apart from profit-taking, weakness on the other Asian equity markets also triggered selling on the domestic bourses.
They said approaching financial year-end also accelerated selling activity.
Banking index suffered the most among sectoral indices with a fall of 3.48% to 4,661.11 with stocks of ICICI Bank falling by 4.88% to Rs366.40, HDFC Bank by 3.72% to Rs959.50 and State Bank of India by 2.07% to Rs1,102.05.
Other losers are Infosys Technologies by 3.81% to Rs1295.50, Reliance Industries by 2.18% to Rs1,514.30, Reliance Infra by 4.43% to Rs542.15, Sterlite Industries by 4.69% to Rs356.40 and Tata Steel by 4.61% to Rs213.20.
Meanwhile, Hong Kong’s Hang Seng and Japan’s Nikkei were down up to 3% in early trade today.
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First Published: Mon, Mar 30 2009. 01 09 PM IST
More Topics: BSE | NSE | Sensex | Markets | Stocks |