Sensex weak amid choppy trade; TCS, RIL, ONGC, Infosys dip
17 Jun 2011
Indian equity benchmarks extended sell-off for third consecutive session today, pulled down majorly by oil & gas and technology companies' shares. The 50-share NSE Nifty was inching back closer to 5350 level, reacting to weak global cues.
The Nifty was trading at 5,363, down 34 points and the 30-share BSE Sensex fell 120 points to 17,867.
On the global front, European markets namely France's CAC, Germany's DAX and Britain's FTSE were down 0.7-1%. Asian markets too were down 0.5-1% at close.
Fall in oil prices could be impacting oil companies like Reliance Industries, Cairn India and ONGC, which fell 1-2%. Brent crude declined 1.8% to USD 119.42 a barrel and NYMEX crude was trading at USD 92.72 a barrel, down 2.4%. However, Jet Airways rallied 2%. BPCL and GAIL gained 0.7% each.
Technology stocks have been witnessing selling pressure since yesterday - TCS was the leading dragger today as well, with falling nearly 3%. Infosys, Wipro and HCL Tech slipped 1-2%.
Sun Pharma and Hindalco were the major losers on Nifty, with declining about 3%. HDFC, ITC, L&T, Maruti, M&M and Cipla too were down.