The BSE benchmark Sensex recouped some of its initial losses and was trading 105 points lower at 1015 hours today amid selling pressure in power, banking, IT, PSU and refinery stocks on the back of weak Asian cues.
The 30-share Bombay Stock Exchange index resumed lower at 16,599.74 and declined further to 16,495.51 before quoting at 16,593.34 at 1015 hours, a net loss of 104.73 points, or 0.63 per cent, from its previous close.
The National Stock Exchange’s 50-share Nifty index also fell by 44 points, or 0.88 per cent, to 4,971.45 at 1015 hours.
Shares of Anil Dhirubhai Ambani Group (ADAG) firms tumbled after the Central Bureau of Investigation (CBI) said yesterday it is still investigating whether Reliance Communications Chairman Anil Ambani had a role to play in the 2G spectrum scam.
Shares of Reliance Communications were down 5.28 per cent, while Reliance Infra was trading lower by 6.18 per cent, Reliance Broadcast Network by 3.16 per cent, Reliance Capital by 7.45 per cent, Reliance MediaWorks by 4.86 per cent and Reliance Power by 4.57 per cent.
The other losers in early trade were Tata Power (down 2.10 per cent), ONGC (2.06 per cent), BHEL (1.93 per cent), Hero Moto Corp (1.90 per cent), SBI (1.90 per cent) and NTPC (1.60 per cent).
Most Asian stocks were in the red in early trade, with investors exhibiting caution due to the lack of clarity on the European debt crisis.
The key benchmark indices in Hong Kong, South Korea, China and Singapore were down by between 0.37 per cent and 2.09 per cent.