Nifty below 5550 again; ADAG stocks tumble
Equity benchmarks extended losses after the news that CBI Trial Court is going to pass order on plea to probe Anil Ambani at 4 pm.
June 02, 2011 / 14:56 IST
Equity benchmarks extended losses after the news that CBI Trial Court is going to pass order on plea to probe Anil Ambani at 4 pm. The 50-share NSE Nifty has tested 5550 again as Anil Dhirubhai Ambani Group companies' shares namely Reliance Communications and Reliance Infrastructure were down more than 5%. Reliance Power and Reliance Capital fell 2% each.
The index was trading at 5,542, down 50 points and the 30-share BSE Sensex lost 139 points to 18,470. Two shares declined for every one share advanced on National Stock Exchange.Private financial companies' shares like HDFC Bank, HDFC, IDFC, Axis Bank and Kotak Mahindra Bank were down 1-2%. Heavyweight ICICI Bank plunged over 3%. However, SBI was marginally in the green.In auto space, Tata Motors, M&M and Maruti Suzuki slipped 1.5-3% while Bajaj Auto surged over 2% post monthly sales numbers. Hero Honda gained more than 0.5% after sales numbers._PAGEBREAK_Nifty trades lower; banks, metals, auto downThe NSE Nifty was trading weak but holds 5550 mark in the afternoon trade. Selling was seen in banks, metal, auto, realty and capital goods stocks. However, FMCG and pharma stocks witness buying interest.Devesh Kumar, Head of Equities, RBS India said the market is going to remain range bound.
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