TMS: Sensex dips 139 points as market remains weak
MUMBAI: The stock market remained weak with the benchmark Sensex trading in the red during morning trading today mainly due to year-end
considerations amid a mixed trend in Asian markets.
Brokers said the market is expected to remain range-bound in the absence of any major trigger and Foreign Institutional Investors pulling out funds at the year-end.
In erratic trade, the Bombay Stock Exchange 30-share barometer was quoted lower at 9,189.90 at 1015 hours, a loss of 139.02 points or 1.49% from its previous close.
The broader 50-share Nifty of the National Stock Exchange also fell by 35.10 points or 1.23% to 2,822.15 at 1015 hours from its last close.
Satyam Computer was up nearly three per cent in line with a recovery in its ADRs after the company decided to postpone its board meeting to January 10, saying its board would consider measures to strengthen the company's governance structure besides a share buyback scheme.
Trading sentiments also remained weak on subdued trends on other Asian stock markets and fears of poor quarterly earnings and fall of over of 22 per cent in advance tax collections.
Major losers in the IT sector were Infosys Technologies, down by 2.14% at Rs 1,085.85, Tata Consultancy Services by 0.06 per cent at Rs 471.80 and Wipro by 1.98% at Rs 222.55.
Shares like BHEL, Larsen and Toubro, Maruti Suzuki, State Bank of India, ICICI Bank, HDFC Bank, DLF Ltd and Bharti Airtel also retreated on selling pressure.
Meanwhile, Japan's Nikkei shed 0.74%, while Hong Kong's Hang Seng index was down 1.7% in early trade today.
