Markets surrender initial gains in morning trade | business | Hindustan Times
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Markets surrender initial gains in morning trade

business Updated: Jun 20, 2008 12:20 IST

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Resuming on a firm note, the benchmark Sensex was trapped in a narrow range and showed signs of consolidation at 15K level on the back of mixed trend in Asian markets.

The Bombay Stock Exchange (BSE) 30-share barometer opened better at 15,168.05 and moved in a range of 15,202.01 and 15,045.63 before being quoted at 15,062.52 at 1030 hrs, a fall of 25.47 points from yesterday's close of 15,087.99.

IT shares were in keen demand following smart rally in the Nasdaq Composite Index last night, while realty and metal counters attracted profit-booking.

The S&P CNX Nifty of the National Stock Exchange (NSE) also declined by 18.85 points to 4,485.40 from previous close of 4,504.25.

Market participants are concerned over the rising inflation and expectations of stringent measures by Reserve Bank of India (RBI) in near future to stem the inflation, marketmen said.

Sustained offloading by Foreign Institutional Investors (FIIs), which sold shares worth Rs 598.36 crore, as per provisional figures also impacted negatively on the market sentiment, they added.

Political uncertainty over the Indo-US nuclear deal also was the reason for the market to react downwards after the initial rally.