Sensex opens 16 points lower on profit-booking

Mumbai: The Bombay Stock Exchange benchmark Sensex fell by over 16 points in opening trade on Wednesday as investors booked profits recorded during the previous session amid a weak trend on other Asian bourses.

The 30-share barometer, which gained 149.25 points in the previous session, declined marginally by 16.26 points to 17,972.04 points in opening trade today.

In a similar fashion, the wide-based National Stock Exchange Nifty index fell by 6.70 points to 5,407.15.

Brokers said in addition to profit-booking by market participants after yesterday`s gains, a weakening trend on other Asian boures on concerns over higher oil prices dampened the trading sentiment.

Bucking the trend, stocks of sugar companies continued their upward journey for yet another session after the government decided to allow sugar exports of up to five lakh tonnes.

Shares of Renuka Sugar gained 2.70 per cent to Rs 74.15, while Balrampur Chinni was up by 1.82 per cent to Rs 72.85, Bajaj Hindusthan by 0.21 per cent to Rs 23.70 and EID Parry by 3.45 per cent to Rs 214.45.

Meanwhile, Hong Kong`s Hang Seng index was down by 0.29 per cent, while Japan`s Nikkei fell by 1.60 per cent in early trade today. The US Dow Jones Industrial Average ended 0.15 per cent lower in yesterday`s trade.