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Stock markets cooling after yesterdays rally

September 9th, 2008

Tuesday, September 09, 2008 10:32:46 AM IST

The Indian stock markets opened marginally in the red after a bullish yesterday trade. Nifty is at 4423 down 1.32%. Sensex is down 190 points or 1.28% and is at 14754 levels.

CNX IT is down 1.09% and Bank Nifty is down 1.93%. BPCL is back into the green after two sessions of selling. The script is now trading at 351.4 levels and is up 1.38% so far since opening bell. Reliance Communications, ACC, ONGC, Bharti Airtel (all marginally up) are the remaining in the green.

On the losing side are Sterlite, Hero Honda, Tata Power, BHEL, Dr. Reddy, ICICI Bank, M&M, Tata Communications (all down over 2%) and Unitech and DLF (both down over 1.8%)

Crude begins to cool off and is now at near-$105 a barrel levels. Indian Rupee is strong and IT stocks would be expected to have a relatively okay day today.

1 U.S. dollar = 44.4998 Indian Rupees
1 U.S. dollar = 107.8632 Japanese Yens
1 U.S. dollar = 0.7094 Euros
1 Ounce Gold = $799.50
1 Barrel Crude Oil = $105.20

Entry Filed under: Equity Markets, Opening trade