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Sensex, Nifty hit two-week low on selling pressure

Mumbai: The BSE benchmark Sensex and Nifty hit a two-week low in early trade today due to persistent selling pressure that was felt mainly in the oil and gas, metal and realty sectors amid weak Asian cues.

The Bombay Stock Exchange benchmark Sensex resumed lower at 18,242.25 and declined further to 18,138.38 before quoting at 18,157.56 at 1015 hours, showing a net loss of 110.98 points, or 0.61 per cent, from last weekend’s level.

The National Stock Exchange’s 50-share Nifty also moved down by 38.20 points, or 0.70 per cent, to 5,447.60 at 1015 hours.

In the 30-share Sensex pack, 25 stocks fell while the remaining rose.Index heavyweight Reliance Industries (RIL) declined by 1.74 per cent and was the top loser in the Sensex pack on reports that oil regulator DGH has refused to accredit three natural gas discoveries made by the company at its KG-D 6 block.

Other losers were Hindalco (1.76 per cent), DLF (1.52 per cent), Tata Power (1.50 per cent), Maruti Suzuki (1.20 per cent) and State Bank Of India (1.13 per cent).

Meanwhile, Asian stocks fell in early trade, extending the longest streak of losses for the regional benchmark index since October, 2008, amid concern the global economy is slowing down. The key benchmark indices in Singapore, South Korea, Taiwan, Hong Kong, Indonesia and China fell by between 0.13 per cent and 1.22 per cent.

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