Market opens in red

Mumbai -- The selling pressure in index heavy weights like Reliance Industries, HLL, Grasim, HDFC Bank , ICICI Bank, Tisco and Infosys dragged the markets back in the opening today. In the morning trade session, the BSE 30-share Sensex is down by 19 at 11894 and NSE 50-share Nifty is flat at 3474. Britannia, Tata Power, Zee Tele, Tata Motors, HDFC, Maruti, National Aluminum and M&M are the big losers among the 50-scrips of Nifty.

India's largest consumer products company, HLL has slipped by 0.3% to Rs. 242. The company has announced that it would meet on September 8 to contemplate absorbing Modern Food Industries Ltd. The scrip has touched a high of Rs. 244 and a low of Rs. 242 and has recorded volumes of over 94, 000 shares on NSE.

KLG Systel has lost by 1.2% to Rs. 174. The company, which provides plant centric IT solutions in core areas of computer aided design (CAD), computer aided engineering (CAE), project management and supply chain solutions, raises $7.5mn by selling securities overseas. The scrip has touched a high of Rs. 177 and a low of Rs. 174 and has recorded volumes of over 1, 000 shares on NSE.

At the same time, Apollo Tyres is also lost by 0.6% to Rs. 313. The Board of directors of the company has given its nod for selling Rs. 2.5bn of securities. The scrip has touched a high of Rs. 317 and a low of Rs. 310 and has recorded volumes of over 5, 000 shares on NSE.

IOL Broadband has lost by 0.8% to Rs. 87. The Board of directors of the company has given its consent to selling $50mn securities overseas. The scrip has touched a high of Rs. 88 and a low of Rs. 87 and has recorded volumes of over 3,000 shares on NSE.