Sensex dives; ACC, Ambuja dip ahead of cartelization report

The BSE Sensex has retained its loss of more than 100 points since early trade due to fall in heavyweights Reliance, ICICI Bank, L&T and SBI. Cement stocks were under pressure as the Competition Commission of India (CCI) report on cement cartelization is likely today or tomorrow. ACC was down over 2% and Ambuja Cements fell 3%. India Cements tanked 4%. Shree Cements, UltraTech Cement and JK Lakshmi Cement were down 1-2%.

The BSE benchmark was down 128 points to 17,116.22 led by 27 components. Meanwhile, the NSE benchmark slipped 41.45 points to 5,202.15.

India's most valued stock Reliance Industries fell 1.3%. Private sector lenders ICICI Bank and HDFC Bank were down 0.7-1.2% while rival State Bank of India declined 0.7%.

Cigarette major ITC dropped nearly 1% on profit booking. Bharti Airtel, country's largest telecom operator lost 1%.

Tata Consultancy Services and Infosys, top software services exporters were down 1% and 0.4%, respectively.

In the second line shares, aviation stocks continued to trade sharply higher on hopes of clearance for foreign direct investment (FDI) in the sector soon. Government sources indicated that draft cabinet note on 49% FDI for foreign air carriers is ready and cabinet note will be put up for cabinet approval shortly. Sources also say finance ministry supported 49% FDI by foreign airlines. Jet Airways gained nearly 5% and SpiceJet rose 4%.

Kingfisher Airlines rallied over 8% after The Hindu Business Line reported that billionaire Mukesh Ambani led Reliance Industries is close to buying stake in the company and may also get UB Group