Nifty breaks 3950 on weak Asian cues; realty, infra slip

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The markets opened sharply lower on the first day of the week following negative Asian cues. Realty, capital goods, metal, telecom and power stocks were under pressure. The Nifty was hovering around the 3950 level.

At 9:56 am, the Sensex lost 206 points, to 13,299 and the Nifty fell 56 points, to 3,947. The CNX Midcap slipped 73 points, to 5,078 and the BSE Smallcap Index was down 90 points, to 5,144. About 106 shares advanced while 576 shares declined on the NSE.

Among the frontliners, Unitech, Reliance Capital, Reliance Communication, Idea, Siemens, ITC, Reliance Power, SAIL, DLF, Tata Steel, Nalco, L&T, Grasim and Hindalco were the losers.

However, Sun Pharma gained 2%, as the company was in pact with Forest Lab to settle Escitalopram dispute. Infosys was up 1.5% on the good quarterly earnings.

Midcap space

Gammon India tanked 16%, as a part of its Delhi Metro bridge collapsed on Sunday. It was the second incidence for the company in the span of six months. Gammon Infra was down just 0.88%.

BGR Energy Systems was up over 2%, as the company received order worth Rs 1,632 crore.

IFCI, TTML, RNRL, Alok Industries, RCF and Nagarjuna Fertilisers fell 3-6%.

However, Mahindra Satyam gained 1%.

Geojit Financial surged 5% as its Q1FY10 net profit was up 87% at Rs 13.25 crore and net sales went up 61% Rs 70 crore, YoY.

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