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Markets open weak on negative global cues
August, 21st 2008

Equities opened lower on Thursday following weak Asian markets and ahead of inflation data for the week ended August 9, which is expected to be close to 12.66 per cent.

At 10:07 am, Bombay Stock Exchages Sensex was at 14,601.28, down 76.95 points or 0.52 per cent. It touched a high of 14,646.98 and low of 14,561.56.

National Stock Exchanges Nifty was at 4369.45, down 46.3 points or 1.05 per cent. It touched a high of 4,418.55 and low of 4,368.65.

BSE Midcap Index was 0.49 per cent down at 5,797.73 and BSE Smallcap Index was at 7,055, down 0.16 per cent.

Markets are likely to open lower and then be in a wait and watch mode and are unlikely to run away in either direction till the verdict or clear advance cues emerge from the NSG meet that gets under way today to consider granting India a waiver of its conditions. The range will be from 4316 to 4530. Mid-caps in the F&O arena will do better, said Anagram Stock Broking.

NTPC (-2.47%), Jaiprakash Associates (-2.10%), State Bank of India (-2.07%), Grasim Industries (-1.77%) and Wipro (-1.50%) were the major losers.

Tata Motors (3.57%), Tata Power (0.75%), Sterlite In (0.66%), Tata Steel (0.65%) and Mahindra & Mahindra (0.54%) were the major Sensex gainers.

39 companies which have been added in the F & O have begun trading in the segment from today.

In Asia, Nikkei 225 was down 0.50 per cent, Shanghai Composite fell 2.63 per cent, Strait Times declined 1.31 per cent and Taiwan Weighted lost 1.35 per cent.

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