MUMBAI: Stocks opened lower on Friday in line with the trend in other Asian markets. Selling pressure in technology and banking majors saw the benchmark sensitive index slip below the psychological 17000 mark in early trade. Apprehension of higher inflation, the data for which is expected around noon, will keep the market in check, analysts said.
At 10:05 am, the Bombay Stock Exchange's Sensex was down 70 points or 0.41 per cent at 17,011.01. The index touched a low of 16,974.62 after opening at 17,020.79.
Biggest Sensex losers were Wipro (down 1.48%), Reliance Energy (1.36%), ICICI Bank (1.27%), Tata Motors (1.06%), Satyam Computer (1.06%) and Infosys Technologies (1.03%).
Bharti Airtel (down 1.08%), DLF (0.03%) and Reliance Communications (0.02%) were the only index gainers.
Market breadth on BSE showed 463 declines against 310 advances.
The National Stock Exchange's Nifty was down 15 points or 0.3 per cent at 5066.60. The index touched a high of 5073.15 and low of 5039.65 in trade so far.
"There may not be any respite for our market this morning inspite of the rise on US indices. The Nifty must keep its head above the 4980 mark to allow the bulls to remain in the reckoning. A close below the 4980 mark is likely to send the market into a tail spin as all the puts that have been written on the 5000 strike price will scamper for cover," Anagram Stock Broking said in a note.
Elsewhere in Asia, stocks were struggling with a stronger yen and a bearish forecast from Toyota Motor as a result of rising raw material costs. The Nikkei 225 was down 1.55 per cent, the Hang Seng fell 1.81 per cent and the Straits Times dipped 0.63 per cent.
US stocks managed to finish higher Thursday, though factors like higher gasoline prices erased some gains. Data showed April retail sales showing consumers still spending, but far more frugally. The Dow Jones Industrial Average added 0.41 per cent, Standards & Poor's 500 Index rose 0.37 per cent and the Nasdaq Composite Index gained 0.52 per cent.
At 10:05 am, the Bombay Stock Exchange's Sensex was down 70 points or 0.41 per cent at 17,011.01. The index touched a low of 16,974.62 after opening at 17,020.79.
Biggest Sensex losers were Wipro (down 1.48%), Reliance Energy (1.36%), ICICI Bank (1.27%), Tata Motors (1.06%), Satyam Computer (1.06%) and Infosys Technologies (1.03%).
Bharti Airtel (down 1.08%), DLF (0.03%) and Reliance Communications (0.02%) were the only index gainers.
Market breadth on BSE showed 463 declines against 310 advances.
The National Stock Exchange's Nifty was down 15 points or 0.3 per cent at 5066.60. The index touched a high of 5073.15 and low of 5039.65 in trade so far.
"There may not be any respite for our market this morning inspite of the rise on US indices. The Nifty must keep its head above the 4980 mark to allow the bulls to remain in the reckoning. A close below the 4980 mark is likely to send the market into a tail spin as all the puts that have been written on the 5000 strike price will scamper for cover," Anagram Stock Broking said in a note.
Elsewhere in Asia, stocks were struggling with a stronger yen and a bearish forecast from Toyota Motor as a result of rising raw material costs. The Nikkei 225 was down 1.55 per cent, the Hang Seng fell 1.81 per cent and the Straits Times dipped 0.63 per cent.
US stocks managed to finish higher Thursday, though factors like higher gasoline prices erased some gains. Data showed April retail sales showing consumers still spending, but far more frugally. The Dow Jones Industrial Average added 0.41 per cent, Standards & Poor's 500 Index rose 0.37 per cent and the Nasdaq Composite Index gained 0.52 per cent.
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