May 17, 2012, 03.05 PM IST
SENSEX-NIFTY-LARSEN-TOUBRO-BAJAJ-AUTO:Sensex erases gains; L&T, Bajaj fall
L&T shares dropped 3.5 percent. Nomura downgraded L&T to 'reduce' from 'buy' and nearly halved its target price to 992 rupees from 1,691 rupees citing concern about orderbooks.
(Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Rafael Nam)
The BSE Sensex and NSE Nifty shed somewhat gains in afternoon trade due to fall in L&T, ICICI Bank, ONGC and technology stocks. Weak opening of European markets too added somewhat pressure on the market.
The BSE Sensex continued to hold about 150 points gains led by short covering. Meanwhile the NSE Nifty remained above the 4900 level quite nicely led by support from stocks like Reliance Industries and ITC. SBI, Bharti Airtel and HDFC Bank too were quite supportive.
The BSE Sensex and NSE Nifty stayed 1% higher in morning trade led by short covering in most beaten down stocks. Banks, metals, auto and FMCG stocks saw buying interest today. Index heavyweight Reliance Industries gained 1%.
SENSEX-NIFTY-ITC-HDFC:Sensex rebounds on rupee, Asian indexes
The BSE Sensex and NSE Nifty saw nice pull back on Thursday morning, rising nearly 1% following upmove in Asian markets. Somewhat short covering was seen as the market had fallen in previous seven out of nine sessions due to Greece political crisis and depreciation in rupee.
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