The BSE Sensex narrowed its initial losses and was down 16 points in morning trade today due to mild selling in refinery sector stocks on the back of weak Asian cues.
Oil & Natural Gas Corpn and Reliance Industries dropped 3.56 per cent and 3.01 per cent, respectively in the wake of Election Commission ordering deferment of an increase in gas prices that was to take effect from April 1, 2014.
According to experts, stock markets could remain volatile this week as traders roll over positions in the futures & options (F&O) segment due to the expiry of near-month March contract on Thursday.
The BSE Sensex resumed lower at 21,948.31 and hovered in a range of 22,047.99 and 21,916.87 before quoting at 22,039.03 at 1000 hours, showing a loss of 16.45 points, or 0.07 per cent, from its last close.
The NSE Nifty
Asian stocks were mostly lower in early trade as data showed a slowdown in US manufacturing and investors weighed the prospect of a recession in Russia.
Key benchmark indices in Hong Kong, Singapore, Japan and South Korea were off by 0.18-0.38 per cent while indices in Taiwan and China rose 0.02-0.59 per cent.
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 1465.62 crore yesterday, as per provisional data from the stock exchanges.
The BSE Sensex slipped from record high by falling over 50 points in early trade today as Reliance Industries and Oil & Natural Gas Corpn plunged after the Election Commission asked the government to defer till the polls the doubling of natural gas prices.
The 30-share Sensex fell by 50.34 points, or 0.23 per cent, to trade at 22,005.14. It soared to an all-time intra-day lifetime high of 22,074.34 in yesterday's trade.
The 50-share NSE Nifty, which climbed to hit record high of 6,591.50 in the previous session, fell 6.10 points, or 0.09 per cent, to 6,577.40.
In the oil & gas segment, RIL