Sensex down by 150 points on selling pressure
Persistent selling pressure in metal, realty, banking, consumer durable and capital goods stocks pulled down the BSE benchmark Sensex by 150 points in early trade on Friday despite higher Asian cues.
The BSE benchmark Sensex resumed lower at 17,187.89 and hovered in a range between 17,279.23 and 17,167.91 before quoting at 17,212.34 at 1015 hours, a net loss of 149.76 points, or 0.86 per cent, from its last close.
The NSE's 50-share Nifty index was also down by 42.90 points, or 0.82 per cent, at 5,178.15 at 10.15 am.
India's largest steel-maker by sales, Tata Steel, tumbled 5.3 per cent after the company announced on Thursday that its consolidated net profit fell by 89.26 per cent year-on-year to Rs 212.43 crore in Q2, FY'12, despite a 11.73 per cent rise in total income to Rs 32,918.33 crore.
The other losers in early trade were ICICI Bank (down 3.77 per cent), Hindalco Industries (3.05 per cent), DLF (2.55 per cent), Larsen & Toubro (1.95 per cent), Sterlite Industries (1.88 per cent) and Jindal Steel (1.86 per cent).
Asian shares made a modest recovery in early trade on Friday after brighter corporate news lifted US stocks and debt-laden Italy was able to carry out a successful bond auction.
The key benchmark indices in Hong Kong, China, South Korea, Indonesia, Taiwan and Singapore rose by between 0.01 per cent and 2.36 per cent.
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