Sensex slips 69 points in opening trade on global cues

Aug 31, 2010 |

mumbai

The Bombay Stock Exchange benchmark Sensex on Tuesday dropped by almost 69 points in the opening trade on sell-off in realty, metals and banking stocks by funds and retail investors amid weak global markets.

The 30-share index, which had gained 33.70 points in the previous session, moved down by 68.58 points to 17,963.53 points, a drop of 0.38 per cent in the first five minutes of trading.

Likewise, the wide-based National Stock Exchange index Nifty slipped 36.80 points to trade below 5,400 points level at 5,378.65 points, a decline of 0.67 per cent since the previous day closing time.

Brokers said investors pressed fresh selling in heavy weight stocks following a steep fall on the US markets in Monday’s trading on weak consumer spending data.

Besides, bearish sentiment in Asian markets, which were down by up to 2.59 per cent in the morning trade on Tuesday, also dampened the trading sentiment, they added.

Bucking the trend, E I hotels maintained its climbing spree for the second straight session on Tuesday and gathered another 7.93 per cent to Rs 162.65, after Reliance Industries acquired 14.12 per cent stake in the company.

Meanwhile, the US Dow Jones Industrial Average ended 1.39 per cent lower in the previous session.

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