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Sensex Down 480 Points In Early Trade; Nifty Dips Below 10,450

Indian shares opened sharply lower on Friday after the Dow Jones Industrial Average plunged more than 4 percent overnight to enter correction territory on worries over rising inflation and higher interest rates.

European markets also fell sharply and Asian stocks were coming under heavy selling pressure this morning, keeping investors nervous.

The benchmark BSE Sensex was down 480 points or 1.39 percent at 33,936 after climbing about 1 percent on Thursday following encouraging quarterly results from the likes of ACC, BHEL and Cipla. The broader Nifty index was down 145 points or 1.36 percent at 10,433.

HDFC, ITC, Infratel, Indiabulls Housing Finance and ICICI Bank fell 2-3 percent in the Nifty pack while Coal India, Lupin and Tata Steel were among the prominent gainers.

Glenmark Pharmaceuticals fell as much as 8 percent and Jaiprakash Power Ventures declined 1.6 percent on disappointing Q3 results.

Tata Steel rose 1.8 percent and JSW Steel was little changed after submitting bids to acquire the stressed asset of Bhushan Power and Steel.

Bharat Forge rallied 1.6 percent after reporting healthy earnings growth for the December quarter.

Vijaya Bank added 0.8 percent on fund raising reports.

by RTTNews Staff Writer

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