Sensex pares initial losses, still down 115 points

Mumbai: The Bombay Stock Exchange benchmark Sensex was down by 115 points at 1015 hours today amid persistent selling pressure influenced by a sustained decline in Asian stocks and lower global growth concerns.

Fears of weak corporate earnings in the second quarter and heavy selling by foreign funds yesterday also hurt the trading sentiment. Foreign institutional investors (FIIs) dumped shares worth Rs 1,305.55 crore yesterday, as per provisional data from the stock exchanges.

The 30-share Sensex resumed lower at 16,222.37 and dropped further to 16,107.19 before quoting at 16,245.70 at 1015 hours, a net loss of 115.45 points, or 0.71 per cent, from its last close.

The National Stock Exchange`s 50-share Nifty Index also declined by 34.70 points, or 0.70 per cent, to 4,888.95 at 1015 hours.

Asian markets extended Thursday`s heavy losses, with shares of mineral companies taking another beating as investors fretted about the possibility of lower global growth.

The key benchmark indices in China, Hong Kong, Indonesia, Taiwan, Singapore and South Korea were down by between 0.06 per cent and 4.63 per cent. Japan`s markets were closed for a holiday.

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