Sensex turns negative, IT, telecom stocks drag

MUMBAI, INDIA: A key Indian equities index turned negative after a strong opening Wednesday as IT and telecom stock came under selling pressure.

Around 2.10 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,069.42 points, was ruling at 16,941.37 points – 19.17 points or 0.10 per cent lower than Tuesday's close of 16,958.54 points. It had opened strong and gained almost 160 points in early trade.

Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too was trading in the red at 5,015.4 points, down 0.24 per cent.

Mid-to-small capitalised company scrips were still in favour with buyers, with their representative indices like the BSE midcap index trading 1.67 percent higher and the BSE smallcap index moving up 1.25 percent.

The market breadth was positive, with 1,610 stocks advancing, 986 declining and 98 remaining unchanged.

Among losers were Maruti Suzuki, down 3.34 per cent at Rs.1,544.80; Wipro, down 3.32 per cent at Rs.578.85; TCS, down 3.15 percent at Rs.593.95; and Infosys, down 2.56 per cent at Rs.2,251.60, Bharti Airtel, down 0.67 per cent at Rs. 357.00. Other Asian markets were in the green.

The Nikkei, a key index of the Tokyo Stock Exchange, closed 107.8 points or 1.11 percent higher at 9,799.6 points.

The primary index of the Hong Kong Stock Exchange, Hang Seng, was ruling 458.34 points or 2.33 percent at 21,296.87 points.

However, the Kospi, benchmark index of the Korean Stock Exchange, was ruling flat at 1,598 points.
©IANS