As selling continues unabated in several blue chip stocks, the market remains deep down in the red this morning. Weak Asian markets and reluctance of investors to hold positions at higher levels amid fresh worries about the pace of economic recovery appear to be dragging stock prices down sharply this morning.
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The Sensex is down 1.42% or 225.98 points at 15,686.15, around 42 points off the day's low of 15,644.58.
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The Nifty, which declined to 4633.70 earlier this morning, is down with a loss of 1.22% or 57.45 points at 4653.35.
Telecom stocks, which had suffered some big losses in recent sessions, have managed to buck the trend with investors thronging these counters on bargain hunting. Reports that the Department of Telecom is likely to slash the annual licence fee by around 30% for operators with a large network presence appear to have brought the investors back to the sector.
Ambuja Cements has lost over 4%. ACC, ITC, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Maruti Suzuki, Wipro, DLF, HDFC, State Bank of India, Tata Consultancy Services and Axis Bank have lost 2% - 3%.
Reliance Infrastructure, Sun Pharmaceuticals, NTPC, ICICI Bank, HDFC Bank, NTPC, Tata Motors, Infosys Technologies, Hero Honda, Tata Power and ONGC are also seen struggling for support.
Suzlon Energy, a big loser in recent sessions, is up as much as 6.7% at Rs 58.80 this morning. GAIL India has gained 5.6%.
Hindalco, Cairn India ,Reliance Capital, HCL Technologies, Tata Steel, Reliance Power, BHEL and Sterlite Industries are up with notable gains.
Idea Cellular, Reliance Communications and Bharti Airtel have posted strong gains. Other telecom stocks MTNL, Tata Teleservices and Spice Telecom are also trading with impressive gains.
Midcap pharma stock Wockhardt has vaulted 14% to Rs 190. IFCI, Rashtriya Chemicals & Fertilizers, BF Utilities, Syndicate Bank, Jet Airways, Torrent Power, Punj Lloyd, Patni Computer Systems, PTC India, Karnataka Bank, HDIL, M&M Financial Services, Lupin, Gujarat NRE Coke and Bhushan Steel are among the other prominent gainers in the Midcap index.
