Nifty breaches 5000; RIL, ICICI Bank, SBI, ITC, Infy drag

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At 14:47 hours IST, the Nifty breaked the 5,000 mark on the back of sell-off across all the sectors. Weak global cues also weighed on the markets; European markets lost 2% each and the US index futures declined over 1%. The Bankex was the main dragger, down over 2%. All the other sectoral indices fell 0.7-1.8%.

The Sensex tumbled 363 points to 16,835 and the Nifty was down 112 points to 4,995. The broader indices were down 1%, as about 322 shares advanced while 944 shares declined on the NSE.

ICICI Bank declined 3.58% and SBI was down 2.54% in the banking space. HDFC Bank, PNB and Bank of Baroda slipped 1.8-2.3%.

In the oil & gas space, Reliance Industries was down 3.14%. GAIL lost 2.44%. Cairn India, BPCL, IOC, ONGC and HPCL slipped 0.5-1.3%.

HCL Tech, Infosys, Wipro and TCS lost 2-2.6% in the technology pack.

GVK Power tumbled 5.22% and Siemens was down 2.90% in the power space. Lanco Infratech, Neyveli Lignite, NTPC, Power Grid Corp, Reliance Infrastructure, GMR Infra, ABB, BHEL, Reliance Power and Suzlon Energy were down 0.4-1.7%.

In the realty pack, Indiabulls Real plunged 3.11%. DLF and Unitech were down 1-1.5%.

Tata Steel has reported Q2FY10 net loss of Rs 2,719.80 crore as against profit of Rs 2,238.53 crore, QoQ and profit of Rs 4,703.64 crore, YoY. Its operating profit was down to Rs 371.8 crore versus Rs 8,226.76 crore, YoY. The stock was down 5%.

However, Bharti Airtel, Hero Honda, Idea Cellular, Reliance Communications, ACC, Ranbaxy Labs and HUL were gainers.

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