Sensex down by 148 points on weak global cues
The BSE benchmark Sensex was down by 148 points in early trade on Monday due to persistent selling pressure in refinery, banking, metal and IT stocks in view of sustained foreign capital outflows amid weak global cues.
Shares of banking giant State Bank of India (SBI) plummeted to a 52-week low, while Bharti Airtel lost over 3 per cent after the Central Bureau of Investigation (CBI) conducted searches at the company's offices, seeking details on spectrum allocation by the government to operators between 2001 and 2002.
The BSE benchmark Sensex resumed lower at 16,297.03 and dropped further to 16,180.29 before quoting at 16,223.92 at 1015 hours, a net loss of 147.59 points, or 0.90 per cent, from last weekend's close.
The NSE's 50-share Nifty index also moved down by 43.60 points, or 0.89 per cent, to 4,862.20 at 1015 hours.
The major losers in early trade were Tata Motors (down 2.44 per cent), Bajaj Auto (2.34 per cent), NTPC (2.27 per cent), Reliance Industries (2.23 per cent), BHEL (2.08 per cent), TCS (1.89 per cent), SBI (1.72 per cent), Jindal Steel (1.58 per cent) and Sterlite Industries (1.48 per cent).
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment ahead of near-month November, 2011, F&O contract expiry on Thursday.
Foreign institutional investors (FIIs) sold shares worth Rs 871.62 crore last Friday as per provisional data from the stock exchanges.
Meanwhile, Asian stocks fell in early trade after Singapore said economic growth may slow and Spain replaced its government.
The key indices in China, Hong Kong, Japan, Indonesia, South Korea, Taiwan and Singapore were down by between 0.37 per cent and 2.23 per cent.
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