Indian markets on downslide as oil price hits new high
Mumbai, May 8 : The Indian equities markets, which opened in the red
Thursday, soon slipped sharply with selling pressure all around,
especially in IT, banking, realty, capital goods, public sector
undertakings, metals and the oil and gas sectors.
Oil touched $122 a barrel in the international market Wednesday,
hitting market sentiment here. Equities here were also hit hard by the
results of UBS Switzerland, which made a provision for sub-prime
losses of $17 billion. The fact that other Asian markets were trading
weak did not help either.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the
Sensex, opened with a loss of over one percent at 17,212.61. Barely 20
minutes later, it slid to 17,130.37 points with a loss of 208.94
points or 1.21 percent from Wednesday's close.
At the same time the S&P Nifty index of the National Stock Exchange
was trading at 5,079.40 with a loss of 56.40 points or 1.09 percent
from its previous close.
The market breadth was negative. On BSE 1,306 shares declined and 520
advanced while 43 remained unchanged.
While Reliance Communications, ACC, Tata Steel and Bharti Airtel were
the top gainers in initial trade, Infosys, Satyam, TCS and ICICI Bank
were the top losers.