Sensex slips after opening climb of 115 pts

Sensex slips after opening climb of 115 pts

Mumbai: In a volatile trade, the benchmark Sensex pared the early gains and slipped into the negative zone with a fall of over 106 points at 11am on profit selling by speculators at improved levels.

The Bombay Stock Exchange barometer, which rose by nearly 115 points in opening trade, fell by 106.40 points to 8,632.84 at 11am.

The broad-based National Stock Exchange Nifty also fell by 37.20 points, or 1.03% at 2,620.60, after rising by over 35 points in the opening session.

Marketmen said sentiments turned somewhat weak on emergence of profit booking at higher levels by funds as well as speculators in realty, banking and IT sector stocks.

The benchmark Sensex rose by 115 points on fresh buying by funds after reports that the government might announce a series of measures to boost economic growth.

The Bombay Stock Exchange barometer, which on Monday closed down by over 100 points after trimming its hectic early losses, moved up by 115.57 points to 8,854.81 with all sectoral indices, led by realty segment, trading in the positive zone.

The wide-based National Stock Exchange’s Nifty rose by 35.85 points, or 0.74%, at 2,693.65 points.

Marketmen said trading sentiments turned positive on reports that the government might take measures, including cheap credit to exporters and making available additional funds worth Rs50,000 crore to the infrastructure sector.

Firming trends in Asian stock markets in early trade on Wednesday, after a strong overnight rally on the Wall Street and the European equity markets bolstered the sentiments in the domestic market, they added.

Among realty stocks, country’s leading developers DLF Ltd rose by 2.09% at Rs185.80, Parsvnath gained 3.34% at Rs34 and Unitech moved up by 4.08% at Rs26.80.

The country’s most valuable company Reliance Industries Ltd gained 1.43% at Rs1,090, Reliance Infra gained 0.67% at Rs496, RCom by 0.86% at Rs193.70, Larsen and Toubro by 1.77% at Rs691.20 and BHEL by 0.92% at Rs1,285.80.

Among banking stocks, State Bank of India rose by 0.91% at Rs1,049.70 and ICICI Bank gained 0.59% at Rs325.65.