Sensex trims initial losses, still down 122 points
Mumbai: The benchmark BSE Sensex trimmed its initial losses but was still lower by 122 points in morning trade today on persistent selling following a sharp spike in consumer price inflation in November and a worse-than-expected contraction in industrial production in October.
Shares of banking, capital goods, power, refinery and realty sectors declined on heavy selling pressure.
The BSE-30 share index, Sensex, resumed lower at 20,867.18 and dropped further to 20,762.36 before quoting at 20,803.73 points at 1030 hours.
It showed a loss of 121.88 points of 0.58 percent from its last close.
The NSE 50-share index Nifty also moved down by 42.70 points or 0.68 percent to 6,194.35 at 1030 hours.
Major losers were - BHEL (2.66 pct), ICICI bank (2.65 pct), HDFC (1.70 pct), Larsen (1.44 pct), NTPC (1.29 pct), SBI (1.18 pct), Tata Power (1.18 pct), Bajaj Auto (1.15 pct) and Hero Motocorp (1.05 pct).
However, Tata Motors firmed up by 2.50 pct, Wipro 1.44 pct and Coal India 1.39 pct.
Most Asian stocks reversed initial losses in their early trade.
Key benchmark indices in China, Hong Kong, Taiwan and Japan rose 0.03 to 0.72 percent while indices in South Korea, Indonesia and Singapore were off 0.19 to 0.46 percent.
US stocks fell for the third day yesterday sending the Standard & Poor's 500 Index to a one-month low, as improving economic data spurred speculation that the Federal Reserve will cut stimulus earlier than expected.