Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.33% to 1.73%.
India’s inflation data for the year through 26 April 2008 is expected by 12:00 IST.
At 11:20 IST, the 30-share BSE Sensex was down 34.36 points or 0.20% at 17,046.29. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 20.15 points or 0.40% at 5061.55.
The market breadth was positive on BSE with 1175 shares advancing as compared to 1053 stocks that declined. 77 stocks remained unchanged.
The BSE Mid-Cap index fell 0.10% to 7,146.11 and BSE Small-Cap index rose 0.38% to 8,721.67.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.12% at Rs 2663.05.
The BSE IT index was up 0.08% at 4,297.90. Aptech (up 1.34% at Rs 248.95), Financial Technologies (up 1.01% at Rs 1,845), Wipro (up 0.73% at Rs 500.80), and Satyam Computer (up 0.41% at Rs 473.05), rose.
India's largest software exporter by sales TCS fell 0.19% to Rs 941.95. India's second largest software exporter by sales Infosys Technologies was down 0.33% at Rs 1,774.
The BSE Capital Goods index was up 0.10% at 13,389. Bharat Electronics (up 0.92% at Rs 1,235), Larsen & Toubro (up 0.91% at Rs 2,912.55), and Suzlon Energy (up 0.27% at Rs 280), rose.
India’s largest electrical equipment maker by sales Bharat Heavy Electicals fell 1.15% at Rs 1740.
The BSE Bankex was down 0.45% at 8,715.84. Karnataka Bank (down 1.57% at Rs 204), HDFC Bank (down 1.52% at Rs 1,485.50), State Bank of India (down 0.07% at Rs 1,728.65) and ICICI Bank (down 0.06% at Rs 890.75), declined.
Anil Dhirubhai Ambani group firm Reliance Power rose 0.85% to Rs 423.35. The stock is in action ahead of its record date for 3-for-5 bonus issue of shares. The company has set 2 June 2008 as the record date for bonus issue. The stock rose nearly 5.80% in past five sessions to Rs 419.80 on Thursday, 8 May 2008 from Rs 396.75 on Friday, 2 May 2008.
Ethanol maker Dollex Industries spurted 5.76% to Rs 50.50. The stock is in demand since Wednesday, 7 May 2008 when it declared 20 May 2008 as the record date for a 2-for-1 stock split. The stock had galloped 15.33% to Rs 47.75 on Thursday, 8 May 2008 from Rs 41.40 on 6 May 2008.
Private sector lender Kotak Mahindra Bank rose 0.20% to Rs 784. Global investment firm Credit Suisse has cut its rating on the stock by 20% to Rs 708 a share.
IT firm 3i Infotech rose 2.13% to Rs 129.70 after the firm said on Thursday it has acquired 26% stake in Hyderabad-based IT infrastructure services firm Locuz Enterprise Solutions, for an undisclosed sum.
Non-banking financial firm TVS Finance and Services rose 2.89% to Rs 24.90 on reports the Tata group’s financial services arm, Tata Capital, is in talks to acquire or become a strategic partner of the former.
US markets rebounded from early lows on Thursday, 8 May 2008, led by technology stocks. Retailers' monthly sales reports also helped ease concerns about an economic downturn. The Dow Jones industrial average rose 52.43 points, or 0.41%, to 12,866.78. The Standard & Poor's 500 index gained 5.11 points, or 0.37%, to 1,397.68, and the Nasdaq Composite index advanced 12.75 points, or 0.52%, to 2,451.24.
Back home, the market succumbed to selling pressure for the forth straight session yesterday, 8 May 2008, as weak global equities and soaring crude oil prices worried investors. The 30-share BSE Sensex fell 258.66 points or 1.49% at 17,080.65 whereas the broader based S&P CNX Nifty slipped 53.8 points or 1.05% at 5081.70 on that day.
As per provisional data, foreign funds sold shares worth a net Rs 724.49 crore yesterday, 8 May 2008. Domestic funds bought shares worth a net Rs 609.51 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 1,368.90 crore in the futures & options segment on Thursday, 8 May 2008. They were net sellers of index futures to the tune of Rs 1,234.72 crore and bought index options worth Rs 129.46 crore. They were net sellers of stock futures to the tune of Rs 227 crore and sold stock options worth Rs 36.63 crore.