Sensex, Nifty pare losses; BPCL, BHEL, L&T outperform

The BSE Sensex and NSE Nifty pared some losses due to buying in BHEL, L&T and Bharti Airtel. Even banks, technology, metal and oil & gas showed some recovery from the day's low. The market breadth too improved - about three shares declined for every share rising on the National Stock Exchange, which was 6:1 at one point of time.
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May 07, 2012, 02.23 PM | Source: Moneycontrol.com

Sensex, Nifty pare losses; BPCL, BHEL, L&T outperform

The BSE Sensex and NSE Nifty pared some losses due to buying in BHEL, L&T and Bharti Airtel. Even banks, technology, metal and oil & gas showed some recovery from the day's low. The market breadth too improved - about three shares declined for every share rising on the National Stock Exchange, which was 6:1 at one point of time.

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Sensex, Nifty pare losses; BPCL, BHEL, L&T outperform

The BSE Sensex and NSE Nifty pared some losses due to buying in BHEL, L&T and Bharti Airtel. Even banks, technology, metal and oil & gas showed some recovery from the day's low. The market breadth too improved - about three shares declined for every share rising on the National Stock Exchange, which was 6:1 at one point of time.

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13:54
The BSE Sensex and NSE Nifty pared some losses due to buying in BHEL, L&T and Bharti Airtel. Even banks, technology, metal and oil & gas showed some recovery from the day's low. The market breadth too improved - about three shares declined for every share rising on the National Stock Exchange, which was 6:1 at one point of time.

The NSE benchmark managed to get back above the 5000 level quite comfortably, which dropped 64.50 points to 5,022.35. Meanwhile, the BSE benchmark fell 200.46 points or 1.2% to 16,630.62.

The Indian rupee appreciated sharply after hitting an intraday low of 53.76 a dollar, which gained 27 paise at 53.20 a dollar led by RBI's intervention in forex market.

State-owned capital goods major Bharat Heavy Electricals jumped 2.5% while engineering and construction company L&T rose 0.8%.

Country's largest telecom operator Bharti Airtel and drug maker Cipla went up 0.5% each.

Shares of oil marketing companies topped the buying list due to steep fall in crude oil prices since Friday. BPCL shot up 6.5% while HPCL and IOC gained 3-3.5%. However, Cairn India tanked 4.5%.

Index heavyweight Reliance Industries and public sector lender State Bank of India lost over 2%.

Private sector lenders ICICI Bank and HDFC Bank declined 1.65% and 3%, respectively. Software services provider TCS and Infosys were down around 1% while Wipro turned positive.

On the global front, European markets too trimmed losses - France's CAC and Germany's DAX slipped over a percent.

12:42
Banks and IT stocks are sold off as part of an Asian sell-off of risk. The weaker rupee also weighs on sentiment, as is uncertainty as the Finance Bill containing controversial tax provisions is set to be introduced to the parliament.

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12:41
The BSE Sensex and NSE Nifty slipped more than 1.5% due to fall in global markets. European markets opened lower after elections in Greece and France saw incumbents defeated, raising fears the collective response to the euro zone debt crisis seen as crucial to holding the currency bloc together is fracturing.

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11:46
The BSE Sensex and NSE Nifty stayed sharply lower due to further fall in Asian markets. Weaker than expected US jobs data, and rising concerns over austerity policies due to elections in Greece and France added fuel to the fire.

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10:20
The BSE Sensex tanked nearly 300 points due to consistent sell-off in banks, technology, auto, FMCG and metals while the NSE Nifty was struggling to hold the 5000 level. Even India's most valued stock Reliance Industries extended its fall, losing 2.7% in early trade.

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09:19
The BSE Sensex dropped more than 1% on Monday, as global risk assets sold off after elections in Greece and France fuelled questions on their austerity policies.

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