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Sensex falls 89 points in early trade

business Updated: Feb 26, 2009 11:05 IST
Sensex falls 89 points in early trade

The benchmark Sensex fell by 89 points in early trade on Thursday as speculators indulged in squaring up their positions in view of monthly expiry in the derivatives segment.

The Bombay Stock Exchange barometer, which had gained 80.50 points on Wednesday, moved down by 88.66 points to 8,813.90 points in early trade after opening a shade higher at 8,905.56.

Similarly, the 50-share National Stock Exchange’s index, Nifty, declined by 23.55 points to 2,738.95.

Marketmen said squaring-up of pending positions by speculators as Thursday being the last session of current month’s expiry in the derivatives segment mainly led to a fall in stock prices.

Stocks of pharma giant Ranbaxy Laboratories witnessed massive selling and plunged by 13.58 per cent to Rs 179.10 after reports that the US Food and Drug regulator has charged the firm with falsification of data and test results.

Nearly 14.50 lakh shares of Ranbaxy changed hands in early trade on the bourse.

Other major losers were Reliance Industries, down by 0.50 per cent to Rs 1,259.65, State Bank of India by 0.80 per cent to Rs 1,029.40, ICICI Bank by 1.98 per cent to Rs 833.75, Tata Consultancy by 0.17 per cent to Rs 479. Realty major DLF Ltd fell by 2.85 per cent to Rs 150.20.