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Jun 21, 2012, 01.08 PM IST
The 50-share NSE Nifty touched the 5100 level amid selling pressure as index heavyweights Reliance Industries, Tata Consultancy Services and State Bank of India extended fall in afternoon trade.
The BSE benchmark went down 62 points to 16,834.70. Meanwhile, the NSE benchmark was trading at 5,103.45, down 17 points after hitting an intraday low of 5,094.60.
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Reliance Industries, India's most valued stock, slid more than 3% after its partner (with 10% stake in KG D6 with BP and Reliance) Niko Resources has slashed KG D6 reserve estimates by 80%.
Country's largest software services exporter TCS plunged 2.5% while its rivals Infosys and Wipro were down 0.5% each.
Among metals and mining stocks, Hindalco, Jindal Steel, Tata Steel and Coal India fell 0.5-1.5% whereas Sterlite Industries gained 0.6%.
Auto stocks remained under pressure; Tata Motors, Bajaj Auto, Maruti Suzuki and M&M dropped 0.7-1%, but top two-wheeler major Hero Motocorp rose 1%.
State-owned power equipment producer BHEL tumbled 2.5% on newspaper reports that government is likely to impose 21% import duty on power equipment.
Engineering and construction major by sales Larsen & Toubro moved up 1% as it is in race alongwith HCL and Tata for Rs 10,000 crore defence order.
The Indian rupee depreciated by 28 paise to 56.43 as against the US dollar.
The BSE Sensex and NSE Nifty continued to trade with marginal losses due to fall in Reliance Industries and State Bank of India. Infosys and TCS too were adding pressure. However, the buying interest in capital goods, ITC and ONGC has limited the downside.
The BSE Sensex and NSE Nifty retreated in early trade on Thursday following downward journey in Asian markets as there was no announcement of QE3 by Federal Reserve yesterday. The Indian rupee depreciated by 25 paise to 56.40 as against the US dollar.
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK