Nifty struggles at 5000; ONGC, Wipro, Cairn nosedive
05 Sep 2011
The recovery witnessed by market may not hold longer as investors dumped stocks post deteriorating European cues. The 30-share BSE Sensex was trading at 16,675, down 146 points and the 50-share NSE Nifty was down 34 points at 5,005. European markets like France's CAC, Germany's DAX and Britain's FTSE were down 2-3.5%.
ONGC extended losses as sources claimed that the company will launch its follow-on public offer on September 20. The stock tumbled 3%.
Wipro was the biggest loser on Nifty; the stock plunged 4%. Reliance Industries, which showed some recovery, too lost 2%.
Among other largecaps, Infosys, NTPC, HDFC, Bharti, BHEL, HDFC Bank and Sterlite Industries slipped 1-3%. TCS and ICICI Bank were marginally lower.
However, Hero Motocorp and Reliance Infrastructure were the biggest gainers; both surged 5% each.
SAIL, Axis Bank, Bajaj Auto, Reliance Communications, PNB, Reliance Capital and Jaiprakash Associates rallied 2-4%. SBI and L&T gained 0.7% each.
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