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Sensex dull, but market breadth holding up
June, 23rd 2010

A key index for Indian equities Wednesday was trading flat tracking depressed Asian markets as investors turned risk averse doubting the strength of the global economic recovery after US home sales data showed a dip in May.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,694.87 points, was ruling at 17,714.79 points, 34.9 points or 0.2 percent down from its previous close at 17,749.69 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,326 points, down 0.51 percent from its previous close at 5,353.3 points.

Broader markets indices showed some gains as buying was seen in mid-to-small sized companies. The BSE midcap index was ruling 0.56 percent higher and the BSE smallcap index 0.63 percent up.

The market breadth was tilted towards the positive, with 1,623 scrips on the advance, compared to 1,032 stocks declining, and 129 remaining unchanged.

Capital goods and metal scrips were under selling pressure.

Asian markets were under selling pressure after fears rose over the actual impact of the financial crisis on Euro zone banks after French bank Credit Agricole lowered its profit targets of its Greece unit.

Also, a poor showing by the US housing sector also pulled down the markets, with analysts apprehensive that the US Federal Resereve will give out a not-so-positive economic outlook when its two-day meeting ends Wednesday.

The Japanese Nikkei ended at 9,923.7 points, down 1.87 percent, while the South Korean Kospi closed at 1,725.82 points, 0.33 percent lower.

Hong Kong's Hang Seng was trading 0.47 percent down at 20,721.35 points. The Chinese Shanghai composite index too was in the red at 2,569.87 points, down 0.73 percent.

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