India equity benchmarks gave some of its yesterday’s gains, opening 1% lower on weak Asian cues. The market ignored positive economic news from the United States and Europe — which finally had consensus on a stronger euro-zone bailout fund — supporting most stock indexes and the euro.
Commenting on the lukewarm market response, Mark Mobius, executive chairman of Templeton Emerging Markets said, "Passing the ruling in German Parliament is only one step. Implementation is the next step and of course that will take time," he believed.
But he acknowledged that the German nod for European Financial Stability Facility (EFSF) expansion is the right step towards solving EU crisis.
The 30-share BSE Sensex lost 194 points to 16,503 and the 50-share NSE Nifty lost 60 points to 4,955.
2G scam row: All Anil Dhirubhai Ambani Group's stocks were extremely under selling pressure. Reliance Capital, Reliance Communications, Reliance Power and Reliance Infrastructure plunged 5-7%.
CBI said Anil Ambani continued to be under investigation. It also said they were investigating Swan stake sale to Delphi by Reliance ADA. Reliance ADA sold Swan stake to Delphi at undervalued prices.
Among other largecaps, DLF, SAIL, Tata Steel, SBI, ICICI Bank, TCS, ONGC, HUL, Jaiprakash Associates and Axis Bank were witnessing selling pressure.
However, Sesa Goa, Ranbaxy Labs, HCL Tech and Wipro gained.
No comments:
Post a Comment