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|Choppy Sensex trades lower; metals, IT stocks extend losses|
|16 Jul 2012, 02:59 PM|
The BSE Sensex and NSE Nifty slipped further amid volatility due to further fall in technology and metals stocks. Decline in private banks too added pressure on the market. The Indian rupee, which appreciated 30 paise in early trade today, declined 4 paise to 55.18 against the US dollar while Euro fell 0.53% to 1.2192 against the US dollar.
The BSE benchmark fell 66.43 points to 17,147.27 and the NSE benchmark was down 16 points to 5,211.35.
Country's largest software services exporters TCS and Infosys were down 2.7% and 2.2%, respectively.
Engineering and construction major by sales Larsen & Toubro declined 1.7%. Private sector lenders ICICI Bank and HDFC Bank dropped 0.4% each while rival State Bank of India gained 0.9%.
Top commercial vehicle maker Tata Motors tumbled over 2% after less than expected global sales numbers of Jaguar and Land Rover.
Power major NTPC and Tata Power were down 0.5% and 2%, respectively.
Metal stocks continued to melt down - Tata Steel topped the selling list, losing 3.7%. Jindal Steel tanked 2.6% while Sterlite and Hindalco moved down over 1%.
However, top telecom operator Bharti Airtel remained top gainer among largecaps, rising 4%.
Healthcare stocks like Sun Pharma and Cipla gained 1% each while Dr Reddy's Labs rallied 2%. Housing finance company HDFC rose 0.6%.
On the global front, European markets were trading marginally lower.
At 14:01 hours IST: Nifty, Sensex in tight range; Bharti Airtel tops buy list
Indian equity benchmarks continued to move around their Friday's closing value due to lack of global and local cues. The market is waiting for government's action over diesel price as sources says the government may hike diesel price after presidential election (that will be on July 19).
Banks, healthcare, oil & gas and auto (barring Tata Motors) stocks were trading higher whereas technology, infrastructure and metals stocks were down.
The BSE benchmark was down just 7 points
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