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Sensex near day’s low; IT, power, oil & gas stocks slide

Posted by sandhyaravii on June 1, 2012

The BSE Sensex witnessed a sudden fall in the afternoon trade and lost nearly 150 points from yesterday’s close. The Indian rupee further depreciated to Rs 55.85 per dollar. IT stocks were the biggest losers in trade today. Selling pressure was also seen in oil & gas, power and capital goods.

Traders will now set their sight on opening of European markets. Asian shares and the euro extended losses on Friday, with Japan’s Nikkei poised to log its longest weekly losing streak in two decades, as weak Chinese factory data highlighted concerns that the euro zone debt crisis will further undermine global growth.

The Sensex was down 142.73 points or 0.88% at 16075.80, and the Nifty was down 48.30 points or 0.98% at 4875.95.

According to Anil Manghnani, Modern Shares & Stock Brokers pullback is still on the cards for the global markets. 4,900-4,875 remains the key trading support for the Nifty.

The market breadth was negative; about 971 shares have advanced, 1275 shares declined, and 1178 shares are unchanged.

Top losers on the Sensex were Wipro at Rs 399.10 down 2.55%, Jindal Steel at Rs 430.90 down 2.39%, Infosys at Rs 2,388 down 2.13%, TCS at Rs 1,223.45 down 1.79% and NTPC at Rs 144.45 down 1.67%.

Index heavyweight Reliance was trading at Rs 694.90 down 1.57% from its previous close of Rs 706.00.

Tech major Infosys was trading at Rs 2,388.00 down 2.13% from its previous close of Rs 2,439.85.

FMCG major Hindustan Lever was trading at Rs 421.40 down 1.24% from its previous close of Rs 426.70.

However, top gainers on the Sensex, ITC at Rs 232.65 up 1.04%, Hindalco at Rs 117.65 up 0.81%, Tata Steel at Rs 405.25 up 0.60%, ICICI Bank at Rs 787 up 0.34%.

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