Fuel cuts fail to prop Markets

Thursday, 29 January 2009, 11:10 Hrs
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Mumbai: A cut in fuel prices failed to add impetus to Indian equities markets which slipped into the red Thursday. A key index fell 0.23 percent over its previous close.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,236.28 points, down 0.23 percent or 21.19 points. It opened at 9,334.47 points, higher than its 9,257.47-point close Wednesday.

At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) closed at 2,823.95 points, 0.9 percent lower than its previous close of 2,849.5.

Broader market indices were also down, with the BSE midcap index trading 0.39 percent lower and BSE smallcap falling 0.05 percent.

Of the 13 sectoral indices on the BSE, auto and IT indices were the top performers.

Among major gainers on the Sensex were Jaiprakash Associates (up 5.06 percent at 69.55), Maruti Suzuki (up 4.67 percent at 544.8) and Mahindra and Mahindra (up 4.23 percent at 295.85).

Top losers were DLF (down 7.15 percent at 165), Bharti Airtel (down 3.92 percent at 627.95) and Wipro (down 3.33 percent at 226.55).

Market sentiment was positive with 1,148 stocks advancing, 1,262 declining and 96 remaining unchanged.

In other Asian markets, the Nikkei, a key index of the Tokyo stock Exchange, closed 1.79 percent up while the Hang Seng, a key index of the Hong Kong Stock Exchange, rose 4.58 percent over its last close.
Source: IANS
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