Sensex dips 139 points as market remains weak

Mumbai, Dec 29 (PTI) The Indian stock market remained
weak with the benchmark Sensex trading in the red during
morning trading Monday mainly due to year-end considerations
amid a mixed trend in Asian markets.

Brokers said the market is expected to remain
range-bound in the absence of any major trigger and Foreign
Institutional Investors (FII) pulling out funds at the
year-end.

In erratic trade, the Bombay Stock Exchange (BSE)
30-share barometer was quoted lower at 9,189.90 at 1015 hours,
a loss of 139.02 points or 1.49 percent from its previous
close.

The broader 50-share Nifty of the National Stock
Exchange also fell by 35.10 points or 1.23 percent to
2,822.15 at 1015 hours from its last close.

Satyam Computer was up nearly three percent in line
with a recovery in its ADRs after the company decided to
postpone its board meeting to January 10, saying its board
would consider measures to strengthen the company's governance
structure besides a share buyback scheme.

Trading sentiments also remained weak on subdued trends
on other Asian stock markets and fears of poor quarterly
earnings and fall of over of 22 percent in advance tax
collections.

Major losers in the IT sector were Infosys Technologies,
down by 2.14 percent at Rs 1,085.85, Tata Consultancy
Services by 0.06 percent at Rs 471.80 and Wipro by 1.98
percent at Rs 222.55.

Shares like BHEL, Larsen and Toubro, Maruti Suzuki,
State Bank of India, ICICI Bank, HDFC Bank, DLF Ltd and
Bharti Airtel also retreated on selling pressure.

Meanwhile, Japan's Nikkei shed 0.74 percent, while Hong
Kong's Hang Seng index was down 1.7 percent in early trade
Monday. PTI JCG