HDFC drags indices lower

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, February 24, 2012, 16:13 [IST]

Sensex heavyweight HDFC dragged indices lower with the Sensex closing the day down 154.93 points at 17,923 points and the Nifty losing 54 points to close at 5,429.30 points.

HDFC slid 3.83% today, dragging the benchmark indices with it. The shares were sold into, on reports of Citibank selling a stake in the company. In fact, HDFC is a steady stock and does not witness significant volatility like witnessed today.

Among the other stocks that declined included L&T, Punjab National Bank and DLF. Today's gainers included Sterlite Industries, Power Grid, Coal India and Tata Power. Bharti Airtel which slid in trade on Thursday recovered by more than 1%.

Today's fall in stocks was despite firm cues from Europe and other Asian markets. The drop was also led by profit taking and fears that the Reserve Bank of India would not cut interest rates on account of a spike in crude prices.

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