Markets stay in the red as global cues weaken

Mumbai: Losses in the US and European markets and weak sentiments in other Asian bourses kept Indian equities markets in the red till about noon on Wednesday, with a key index ruling 1.49 per cent lower than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,503.68 points, 1.49 per cent or 143.79 points lower than Tuesday's close. It had opened at 9,462.14 points, lower than its last close of 9,647.47-points.

At the same time, the broader-based S&P CNX Nifty index of the National Stock Exchange (NSE) was ruling at 2,897.15 points, 1.27 per cent below its previous close at 2,934.5.

Broader market indices were down with the BSE midcap index trading 0.37 per cent lower and the BSE smallcap losing 0.08 per cent.

Of the 13 sectoral indices on the BSE, only that for car companies was up.

Leading the gainers' list on the Sensex at this time were Maruti Suzuki (up 1.28 per cent to Rs.616), NTPC (up 1.08 per cent to Rs.182.15), Reliance Communications (up 0.7 per cent to Rs.172.85) and Ranbaxy Laboratories (up 0.13 per cent to Rs.233.15).

Among losing scrips were Reliance Infra (down 3.75 per cent to Rs.541.40), Tata Steel (down 3.25 per cent to Rs.190.55), DLF (down 2.95 per cent to Rs.148.00), and Mahindra and Mahindra (down 2.19 per cent to Rs.277.30).

In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, was ruling at 7,945.94 points, 0.29 per cent lower than its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, was 3.19 per cent below its last close.

In the US, the $838-billion economic recovery package passed by the Senate in a 61-to-37 vote, failed to stimulate American markets, which ended trade in the red. The blue-chip Dow Jones Industrial Average fell 4.62 per cent or 381.99 points to close at 7,888.88 points.

The broader Standard and Poor's 500 Index slipped 4.91 per cent or 42.73 points to 827.16. The technology-heavy Nasdaq Composite Index dipped 4.2 points, or 66.83 per cent, to 1,524.73.