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Weak global cues drag markets down
October, 28th 2009

Following losses in overseas markets, the key benchmark indices were trading lower in the early trades today. The Sensex was down 84 points at 16,268 levels and the Nifty dropped 0.5 per cent to 4,821.

Some selling pressure was seen in metal, realty and banking stocks. The realty index on the BSE shed 1.9 per cent and the BSE bankex lost 1.4 per cent. The metal index also slipped 1.3 per cent. 

Among the Sensex stocks, ICICI Bank led the losers. The stock fell 3.3 per cent in early trades. Tata Steel, SBI and DLF were the other major losers in the pack. The stocks fell over 2.4 per cent each.

However, Wipro was the biggest gainer in the group. The stock rose 1 per cent. ACC, M&M and HUL were the other main gainers in the pack.

In US, stocks mostly fell on Tuesday as mixed reports on home prices and consumer confidence gave investors little incentive to step into the market.

Rising energy stocks and a decision by IBM Corp. to double its stock-repurchase plan, however, propped up the Dow Jones industrials.

The Dow rose 14.21, or 0.1 percent, to 9,882.17. The broader Standard & Poor's 500 index fell 3.54, or 0.3 percent, to 1,063.41, while Nasdaq fell 25.76, or 1.2 percent, to 2,116.09.

Asian markets also declined today amid losses in US markets. Hong Kongs Hang Seng shed 1.6 per cent and Japans Nikkei dropped 1 per cent. South Koreas Kospi was down over 2 per cent.


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