Market Climbs 122 Points On Tuesday Morning

The BSE benchmark Sensex was down by over 122 points in early trade on Tuesday. Fresh selling pressure in refinery, IT, realty, PSU and metal stocks amid persistent foreign capital outflows despite firm global cues.

The 30-share Sensex declined to 15,995.57 points within minutes of opening trade and was quoting at 16,045.12 at 1015 hours, a net loss of 122.01 points, or 0.75 %, from its previous close. The NSE’s 50-share Nifty index was also down by 33.75 points, or 0.70 %, at 4,817.55 at 1015 hours. Data that showed sustained selling by foreign funds over the past few days weighed on the trading sentiment. Foreign institutional investors (FIIs) sold shares worth Rs 302.59 crore yesterday as per provisional data from the stock exchanges. Reliance Industries ( RIL) fell by 2.43 % after the company said it has initiated arbitration proceedings against the government on the issue of the company’s entitlement to recovery of its entire expenditure on the KG-D6 gas block from revenues.

The other losers in early trade were Hindalco (down 2.06 %), Infosys (1.92 %), ONGC (1.72 %), Bharti Airtel (1.60 %) and DLF (1.46 %). Meanwhile, Asian markets were mostly higher in early trade today, extending the advance made in the previous session as investors hoped for a timely resolution to Europe’s debt problems. The key benchmark indices in China, Hong Kong, Japan, Indonesia, South Korea and Taiwan were up by between 0.55 % and 1.59 %, while Singapore’s Straits Times Index was down by 0.2 %.