Sensex falls 100 pts amid volatility; banks, metals fall(9.56)
Golden Investment Research (P) Limited
The Sensex opened the first session of the week on a sluggish note, following weak Asian cues due to eurozone concerns. Angela Merkel and Nicolas Sarkozy will meet today to discuss details of the fiscal compact. Banks, metals, capital goods and oil & gas stocks were dragging the markets down.
The Sensex was down 99 points to 15,750.08 and the Nifty slipped 29 points to 4,718.30, which has been in range of 4700-4800 since last week.
JP Associates fell over 2% while GAIL gained 1.5% as GAIL replaced JP Associates in the Sensex today.
Frontliners like Bharti Airtel, IDFC, Coal India, Tata Steel, Sterlite, Bajaj Auto, L&T, ICICI Bank, M&M, Hindalco, SAIL, DLF, Wipro, Maruti Suzuki and SBI were under pressure.
However, Reliance Power jumped 2% on The Economic Times reports that the company got access to 2 NCL blocks. Tata Power too gained 1.5%.
In the second line shares, public sector undertakings shot up quite nicely in early trade ahead of likely Cabinet meeting for share buybacks this week.
RCF, National Fertiliser and Chambal Fertilisers surged 3-6%.
MMTC (its market capitalisation was near to Rs 1 lakh crore mark), Hindustan Copper, ITI, HMT and STC India too rallied 3-7%.
However, TVS Motor, HCC, Kingfisher, Educomp, Tata Motors DVR, UCO Bank, IVRCL and Delta Corp were down 0.7-2%.
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