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Tuesday, June 22, 2010

Sensex in red after Chinese currency euphoria dampens

A benchmark index for Indian equities was trading in the red Tuesday as traders booked profits after a 300-point rise the day before and the global euphoria over China’s move towards a flexible currency died down.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,868.12 points, was ruling at 17,770.16 points, 106.39 points or 0.6 percent down from its previous close at 17,876.55 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,326 points, down 0.51 percent from its previous close at 5,353.3 points.

Broader markets indices were also quiet, with the BSE midcap index ruling 0.11 percent higher and the BSE smallcap index 0.19 percent down.

Metals stocks, which rallied handsomely Monday faced bulk of the selling pressure followed by IT scrips.

The market breadth was tilted towards the negative, with 1,403 scrips on the decline, compared to 1,237 stocks advancing, and 129 remaining unchanged.

Asian markets came under selling pressure amid profit booking after Monday’s rally.

The Japanese Nikkei ended at 10,112.89 points, down 1.22 percent, while the South Korean Kospi closed at 1,731.48 points, 0.47 percent lower.

Hong Kong’s Hang Seng was trading 0.23 percent down at 20,864.67 points. The Chinese Shanghai composite index too was quiet, though trading marginally higher at 2,590.45 points, up 0.16 percent.

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