Sensex ends 0.62% down

Sensex ends 0.62% down

Mumbai: Bombay Stock Exchange’s benchmark share index ended down 0.62% on 27 November 2007 as investors took gains on a rise of nearly 4% over the past two sessions amid renewed global credit worries.

The metal, banking and power sectors posted losses, but mid- and small-cap indices rose on select buying.

Dealers said the markets could correct further ahead of the expiry of the monthly futures trading contract on Thursday.

The markets awaits US economic data on home sales expected mid-week.

“The markets saw almost directionless trading, unable to pull out of a weak Asian market trend. The markets could correct (further) ahead of the monthly derivatives contract expiry," said Manoj Kakaiya, a ULJK Securities dealer.

Morning trade

The Bombay Stock Exchange benchmark Sensex opened lower by 184 points in early trade on 27 November 2007 due to emergence of selling by funds on weak Asian cues.

The 30-share index, which had gained nearly 394 points yesterday, fell by 183.85 points to 19,063.85 in the first five minutes of trade.

The National Stock Exchange’s Nifty also lost 50.35 points to touch 5,608.60.

Trading sentiment turned weak on falling Asian stock markets such as Hang Seng and Kospi.

However, detergent maker Nirma Ltd touched a high of Rs224.90 after it said it would buy US-based soda ash maker, Searless Valley Minerals Operations Inc and Searless Valley Minerals Inc. The shares were up 8% at Rs222.

Mundra Ports and Special Economic Zone, which listed today, was trading at more than twice the offer price. The shares, which opened at Rs770, were at Rs957 after touching a high of Rs1,050 on the NSE.