European woes, rupee worry drag markets lower

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European woes, rupee worry drag markets lower
Markets continued to drift lower as worries in Europe continued to affect sentiments, with indices in the region touching four month lows. The BSE Sensex closed the day lower by 59 points at 16420 points, while the Nifty closed the day lower by 9 points at 4965 points.

Equities today saw an extremely choppy trading session, with the Sensex and the Nifty opening significantly higher in morning trade, only to drift into the red in afternoon trades. There have been no major takeaways from the result season as well and no major surprises.

Stocks that gained in trade today were Cairn India, IDFC, DLF and BPCL amongst others. Shares that lost ground today were Maruti Suzuki, Ranbaxy Laboratories, State Bank of India and Punjab National Bank. In fact, banks continued to witness selling pressure on worries over non performing assets.

Analysts believe that markets are likely to remain rangebound in the absence of any major domestic triggers, and are likely to track global cues.

Read more about: sensex, nifty
Story first published: Thursday, May 10, 2012, 15:15 [IST]
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