Nifty remains below 5900; Cairn tops sell list
The Sensex continued to trade lower with more than 100-point loss, while the Nifty remained below the 5,900 level. The market is weighed down by banking & financials, oil & gas, capital goods and auto stocks.
December 21, 2012 / 12:57 IST
The Sensex continued to trade lower with more than 100-point loss, while the Nifty remained below the 5,900 level. The market is weighed down by banking & financials, oil & gas, capital goods and auto stocks.
The 30-share BSE benchmark was down 116.55 points to 19,337.37 and the 50-share NSE benchmark declined 42 points to 5,874.50.Private oil & gas producer Cairn India was the top loser, down nearly 3 percent after sources indicated that the company is likely to revise its production guidance downwards in January. The timeline for a ramp-up to 240 kbpd remains unclear due to Bhagyam reservoir issues, say sources.Cigarette major ITC, commercial vehicle maker Tata Motors, state-controlled oil & gas producer ONGC, coal mining company Coal India and telecom operator Bharti Airtel were down nearly 1.5 percent.Housing finance company HDFC and private sector lender HDFC Bank fell 1 percent while country's largest lenders State Bank of India and ICICI Bank declined 0.2 percent.Also Read
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Nifty is pausing; buy below 5750-5800: Anil ManghnaniEngineering conglomerate Larsen & Toubro and private oil & gas producer Reliance Industries slipped 0.5 percent each.Meanwhile, technology majors TCS and Infosys gained 0.5 percent as the Indian rupee fell below the 55 level, which was down 31 paise to 55.16 a US dollar.Metals stocks bounced back after the initial fall; Tata Steel moved up 1 percent and Sterlite Industries rose 0.6 percent.On the global front, Asian markets too were under pressure on uncertainty over fiscal cliff deal; Shanghai, Nikkei and Hang Seng were down 0.5-0.9 percent.The Dow Jones futures dropped 1.4 percent, reacting to news of US House speaker John Boehner abruptly cancelling a vote on Thursday night on a plan to raise taxes for the wealthy. The House then recessed until after Christmas. The development raised questions about whether Boehner could muster support for a broader deal to avert the fiscal cliff. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
