Market to Open Lower on Shanghai Drop

Market Update Analysis:

Author: Elena Todorova
123jump.com
Last Update: 9:22 AM EDT June 04 2007

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U.S. stock futures pointed lower on Monday as investors digested another steep decline in Chinese stock prices. Although Shanghai plunged 8%, global markets were not seriously hurt. In corporate news, a number of merger deals were announced early Monday. Health Care Properties agreed to buy U.S. biotech real estate from British Segro for $2.9 billion. Qiagena greed to acquire Digene in a deal worth $1.6 billion.

5:30AM NY-4:30PM Mumbai Sensex trades in the red on Monday on selling pressure.

In early afternoon deals, the Sensex on BSE is trading 28 points down at 14,543.

Advancers

Hindalco has soared 5% to Rs 148, following robust global copper prices. SBI has surged 2.6% to Rs 1,414. ITC has surged over 2% to Rs 165, and Dr.Reddy''s has advanced 1.5% at Rs 658. Reliance Comms has rallied over 1% to Rs 512, while HDFC is also 1% higher to Rs 1,884.

Decliners

Tata Motors is the worst performing stock in the Sensex and has plummeted 4.6% to Rs 713. Tata Motors sales fell 4% to 42,558 units May 2007. BHEL has shed 2.5% to Rs 1,380. Satyam and Cipla have lost around 2% each toRs 469 and Rs 220, respectively. Wipro has lost around 1.4% to Rs 536. Infosys was down 0.8% to Rs 1,925.

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