By IANS
Mumbai : Poor global cues continued to impact Asian markets and Indian bourses were not spared the meltdown Monday. A benchmark index lost nearly 3 percent in early trade.
The 30-share sensitive index of the Bombay Stock Exchange (BSE) opened at 18,919.57 points, down 0.49 percent over Friday’s close.
After touching a low of 18,321.33 points, down 3.65 percent, Sensex hovered around 18,456.67 mid-morning, down 557.03 points or 2.93 percent.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) opened flat at 5,705 points. After touching a low of 5,497.25, down 3.65 percent, Nifty was trading mid-morning at 5,549.60, down 2.73 percent.
The BSE Mid-Cap and Small Cap indices, too, were down due to selling across the board. The BSE Mid-Cap index was trading at 8,487.65 points mid-morning, down 4.57 percent and BSE Small-Cap at 11,578.87 points, down 4.78 percent.
In the sliding market, the Reliance companies continued to top the turnover list with Reliance Industries at Rs.1.17 billion, Reliance Energy at Rs.990 million, Reliance Petroleum at Rs.83o million and Reliance Capital at Rs.590 million, followed by Larsen and Toubro at Rs.530 million.
The top five gainers included KDDL Ltd quoting at Rs.87.75, up 9.69 percent, Bombay Paint at Rs.94, up 7.24 percent, Vision Corp at Rs.25.35, up 6.74 percent, Rai Saheb Rekhchand at Rs.89, up 6.71 percent and ABC India at Rs.82.50, up 6.59 percent.
According to Pravin Vakil of K. Motiral Vakil, member, Bombay Stock Exchange, the market has already tested the first major bottom and is now at a comfort level as far as price earning ratios are concerned and investors should start accumulating at every decline for medium-term investments.