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Bad start to trading week, Sensex slips two percent - Sathish - 03-09-2009

Mumbai (IANS): Indian equities markets closed in the red on Monday as stocks across sectors came under selling pressure. A key index ended trade almost 2 percent lower than its previous close.

The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,259.22 points, fell 165.42 points or 1.99 percent to close at 8,160.40 points.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.79 percent from its last close to end at 2,573.15 points.

However, broader market indices like the BSE midcap index closed 1.27 percent lower, while the BSE smallcap index was down 1.55 percent.

There were only three gainers on the 30 composite Sensex: HDFC, up 2.65 percent at Rs.1,255.8; Maruti Suzuki, up 0.25 percent at Rs.650.70; and Mahindra and Mahindra, up 0.22 percent at Rs.317.60.

The scam-hit software major, Satyam computers' scrip was up 15.8 percent and closed at Rs.48.75 after it started the process to sell 51-percent majority stake in the company by way of a global auction.

The losers included: Jai Prakash Associates, down 5.32 percent at Rs.65.85; SBI, down 4.68 percent at Rs.896.80; DLF, down 4.54 percent at Rs.138.70; and Ranbaxy, down 4.46 percent at Rs.135.

Of all the 13 sectoral indices on the exchange, the index for realty and FMCG stocks lost the most.

The overall market sentiment was clearly negative, with 1,584 stocks declining, 798 advancing and 88 remaining unchanged.

Foreign funds were net sellers to the tune of $400,000 Monday, continuing to pull out funds to meet payment obligations in their parent countries.

In Asian markets, the Hang Seng, a key index of the Hong Kong Stock Exchange, plummeted drastically to close 4.84 percent below its previous close.

European markets, which came online before indian bourses ended trade were also faring no better with the FTSE in Britain ruling 1.55 percent below its last closing figure.