Nifty slips below 3K; Bharti, ONGC, RIL, SBI, TCS lose

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The benchmark indices retreated in the early trade following weak US futures. Dow Jones futures and Nasdaq Futures fell over 1% each. Heavyweights were dragging the indices lower. Banking, oil & gas exploration, telecom technology and capital goods stocks slipped into the red.

At 9:57 am, the Sensex was trading at 9,595, down 113 points and the Nifty was trading at 2,980, down 40 points. The CNX Midcap 100 was flat.

Among the frontliners, Wipro, TCS, ONGC, Reliance Industries, Bharti, NTPC, Axis Bank, SBI, ICICI Bank, Cairn, Infosys, SAIL and Hindalco were the losers.

However, Unitech, Ranbaxy Labs, Hero Honda and BPCL gained.

Wockhardt plunged 19%, as it will refer company to CDR cell for financial restructuring through ICICI Bank. Its net debt stood at Rs 3,400 crore as on December 31, 2008.

HCC bagged order of Rs 688 crore from Bhutan for 6 years. The stock was up 3%.

Bank of Maharashtra jumped 10%, as Finance Ministry Official said the bank is likely to be recapitalised in August. Government may infuse over Rs 600 crore.

MIC Electronics shot up 10%, as the company bagged orders worth Rs 22.15 crore.

Jet Airways and Kingfisher Airlines went down 6% each as PSU Oil companies will increase ATF prices by 10% from today.

Global cues:

Asian markets were trading higher. Nikkei and Kospi gained 2% each. Shanghai, Jakarta and Taiwan went up 1-1.7%. Hang Seng and Straits Times were flat.

The US futures were weak; the Dow Jones futures and Nasdaq Futures fell over 1% each.

The US markets ended positive but off the day's high after a wave of selling pressure in the late trade. Financials and technology were among the key gainers.

The Dow Jones Industrial Average ended at 7,608.92, up 86.90 points or 1.16%. The Nasdaq Composite closed at 1,528.59, up 26.79 points or 1.78%. The S&P 500 was up 10.34 points or 1.31%, to settle at 797.87.

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