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Indian equity benchmarks opened in red once again but the cut was not as deep as seen in European markets and Dow Jones futures. Europe crashed 4-5% yesterday and Dow Futures tumbled over 2% on debt worries and recession fears. The 50-share NSENifty was struggling near the 5,000 mark again.
The index was trading at 4,995, down 22 points and the 30-share BSE Sensex was trading 63 points lower at 16,650.
ADAG stocks like Reliance Power, Reliance Infrastructure and Reliance Communications were down on profit booking.
In the technology space, TCS, Wipro and Infosys were taking beating in early trade.
DLF declined nearly 2% post approval given to Land Acquisition bill by government.
Cairn India, Sesa Goa, ICICI Bank, SBI, PNB, HDFC Bank, Kotak Mahindra Bank, Hindalco, BHEL and Jaiprakash Associates were putting pressure on the market.
Maruti Suzuki, BPCL, SAIL, Sterlite, JSPL, Bajaj Auto and ONGC were witnessing buying interest.
The CNX Midcap fell just 11 points to 7,365. About 381 shares advanced as against 481 shares declined on National Stock Exchange.
Everonn Education was locked at 10% lower circuit.
Ashok Leyland was down 0.5% post monthly sales numbers.
Mahindra Satyam plunged 3% on profit booking.
Brooks Labs, which listed yesterday, fell another 7.5% to below Rs 60 a share.
However, HCC, Pipavav Shipyard, Educomp and Lovable Lingerie rallied 1-2%.
Global cues:
Asian markets were trading lower. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan fell 1% each. Shanghai was down 0.3%.
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