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BW Businessworld

Sensex Declines After Initial Gains, Down 33 Pts

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The Bombay Stock Exchange (BSE) benchmark Sensex dipped 33 points in the late morning trade due to selling pressure mainly in FMCG, auto, capital goods, consumer durable and IT sectors on the back of weak Asian cues. The 30-share index resumed lower at 18,627.37 but firmed up immediately to 18,670.43 on good buying enquiries in realty, healthcare and power sectors.
However, it later declined to 18,586.21 before quoting at 18,598.04 at 1025 hrs local time, a net loss of 33.06 points, or 0.18 per cent, from last close. The National Stock Exchange-50 share Nifty also moved down by 9.35 points, or 0.17 per cent, to 5,642.80 at 1025 hrs.
Major losers were SBI (1.25 per cent), Sterlite Ind (1.04 per cent), ITC (0.91 per cent), Bajaj Auto (0.90 per cent), Larsen (0.87 per cent), Tata Motors (0.84 per cent) and HUL (0.76 per cent).
Asian stocks fell in the early trade after global credit rating agency Standard & Poor's yesterday cut Spain's credit rating by two notches to just one level above speculative or junk grade with a negative outlook, citing mounting risks to the country's public finances. Key benchmark indices in Singapore, South Korea, Japan, China, Taiwan and Indonesia were down by between 0.12 per cent to 1.57 per cent, while Hong Kong's Hang Seng rose by 0.22 per cent.