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Jun 25, 2012, 03.13 PM IST
The BSE Sensex and NSE Nifty erased all early gains as measures announced by the government to boost economy could not able to improve sentiment of the market. Even the Indian rupee came off day's high that was trading at 56.95, a rise of just 17 paise after hitting an intraday low of 56.42 a dollar.
The BSE benchmark was down 26.55 points to 16,945.96 and the NSE benchmark fell 12.5 points to 5,133.55.
Country's largest software services exporter TCS and private sector lender HDFC Bank were down 1.5% each.
State-owned oil & gas producer ONGC lost over 2% whereas Reliance Industries rose 0.5%. Rating agency Moody's said RIL's long-term fundamentals were intact. "Fundamentals are intact despite challenge in upstream operations. We are confident that company's proved reserves will eventually increase," agency said.
Top lender State Bank of India was down 0.75% while its rival ICICI Bank moved up just 0.16%.
State-owned capital goods company BHEL fell 1.6% and top two-wheeler major Hero Motocorp tanked 1.9%.
Shares of Infosys, Bharti Airtel, Tata Motors and HUL were marginally lower.
About two shares advanced for every share declining on the National Stock Exchange.
European markets remained under pressure. France's CAC and Germany's DAX fell 1.4% each while Britain's FTSE was down 0.8% as market experts do not expect any major announcement from European Union summit that will be scheduled for June 28-29.
The BSE Sensex and NSE Nifty continued to hold early trade gains amid volatility, due to consistent buying interest in Reliance Industries and ICICI Bank. SBI, Larsen & Toubro and Tata Motors too were quite supportive.
The BSE Sensex extended gains to 150 points ahead of likely announcement of measures to boost economy today. Rating agency Moody's has maintained stable outlook on India's sovereign rating.
May 18 2013, 17:26
- in MARKET OUTLOOK
May 17 2013, 12:39
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