Live Market Updates: Nifty trades below 5650; GAIL falls over 3%

Key equity indices continued to trade flat with the Nifty below 5650. At 14.36 hrs IST, the Sensex was up 37.89 points to 18719.31, and the Nifty gained 11.60 points to 5645.45. About 1161 shares advanced, 1451 shares declined and 941 shares remained unchanged.

Telecom major Bharti Airtel was the top gainer on the Sensex, rising 2.27% followed by HDFC up more than 2 percent and Tata Motors up 1.96%. FMCG players HUL (up 1.90%) and ITC (up 1.19%) also supported the index.

On the flip side, GAIL was the top loser on the Sensex. It fell 3.38 percent. RIL continues their downward journey (down 2.62 percent). Tata Steel and L&T also dropped more than 2 percent each.

OBC, IOB and Syndicate Bank saw sharp cuts after rating agency Moody’s downgraded the standalone ratings for these banks due to falling asset quality, pressure on profitability and capital generation.

Shares in Coal India jumped more than 1.16 percent after the board approved conversion of liabilities of Bharat Coking Coal into preferential shares of worth over Rs 2500 crore.