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Jul 12, 2012, 08.23 AM IST
The BSE Sensex and NSE Nifty dropped marginally amid volatility in afternoon trade due to fall in European markets. Tata Motors fell more than 2% as company shut down its Jamshedpur plant for three days due to prevailing economic conditions; the stock had fallen 3% yesterday.
Germany's DAX tanked 1.4% as country's adjusted jobless rate increased to 6.8% versus estimate of 6.7%. France's CAC and Britain's FTSE were down 1% and 0.7%, respectively. The Dow Jones futures slipped 76 points or 0.61%, indicating lower opening of US markets.
Bank Of England said banks' third quarter losses increased on default by medium and large firms. The bank expects mortgage spreads to widen significantly in Q3.
Back home, country's largest lender State Bank of India declined 1.5% while its rival ICICI Bank rose 0.25%.
Index heavyweight Reliance Industries, top telecom operator Bharti Airtel and FMCG major HUL were down over 0.5%.
State-owned oil & gas producer ONGC, engineering and construction major by sales Larsen & Toubro and private sector lender HDFC Bank were marginally lower.
However, cigarette major ITC and private power producer Tata Power rallied 1% each.
Software services exporter Infosys, largest coal mining company Coal India, state-owned power equipment maker BHEL and power producer NTPC were up over 0.5%.
The NSE Nifty has been moving in a tight range around the 5150 level since yesterday ahead of F&O expiry. The market is heading for strong closing in current series as compared to previous series.
The BSE Sensex and NSE Nifty continued to trade with marginal gains since early trade led by consistent buying interest in Infosys, ICICI Bank and L&T. Metals and power stocks too gained whereas the fall in Tata Motors, TCS and SBI has capped the upside.
May 18 2013, 17:26
- in MARKET OUTLOOK
May 17 2013, 12:39
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