Sensex, Nifty remain deep down in red as bears continue to dominate

Last Updated: Wed, Jul 03, 2013 08:01 hrs

Due to sustained selling at several counters, amid rising concerns about global economic outlook following the release of some disappointing data from China and India, the market remains deep down in negative territory this afternoon. Worries about high oil prices and concerns over the impact of the political unrest in Egypt are also weighing on sentiment to a significant extent.

The BSE benchmark Sensex, which plunged to 19,153.52, is now down with a loss of 254 points or 1.3% at 19,209.82. The Nifty index of the National Stock Exchange is down 81.95 points or 1.4% at 5775.60.

Realty and metal stocks continue to bear the brunt of the onslaught. Stocks from consumer durables, PSU, power, banking and oil sectors are also mostly trading sharply lower. IT stocks, which found some support early on in the session, are trading weak at present. Automobile stocks are off their lows. Select pharma and FMCG stocks have moved higher.

Godawari Power and Ispat Ltd has informed BSE that the 50 MW Solar Thermal Power Plant set up by the Company’s wholly owned Subsidiary viz., Godawari Green Energy Limited at Village Nokh, Dist: Jaisalmer, in the State of Rajasthan has started commercial operations with effect from June 19, 2013. The Commissioning Certificate of Project has been issued by Rajasthan Renewable Energy Corporation Limited vide its letter dated July 02, 2013.

Further, the Company's 50 MW Solar Thermal Power is the India’s first solar thermal power plant which started commercial operations amongst the seven Solar Thermal Power Projects awarded under Phase - I of Jawaharlal Nehru National Solar Mission (JNSM) of Government of India. The stock, which had eased to Rs 73 earlier in the day, is currently trading at Rs 75, near its previous closing price.

GVK Power is down 5% on reports the Airports Economic Regulatory Authority has turned down company's proposal to hike user development fee at Bangalore airport. GVK wanted to raise UDF by whopping 239% for domestic and 79% for international passengers.

Hindustan Copper continues to trade weak. The government has set the floor price for the Hindustan Copper's offer for sale issue at Rs 70 a share for selling 4.01% equity.

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