Nifty ends lower as rupee fear haunts markets

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, June 7, 2013, 15:32 [IST]

Stock Markets ended the day sharply low as an acceleration in the rupee fall saw markets collapse in the last 30 minutes of trade.

The Sensex closed lower by 80 points (provisional), while the Nifty ended the day lower by 40 points. Among the top gainers in trade were the technology pack led by TCS, which rallied 3 per cent and Infosys which gained 1 per cent, following a sharp depreciation in the rupee.

Other Nifty stocks that gained were Dr Reddy's, Lupin, BPCL and NMDC. Top Nifty losers in trade were Jaiprakash Associates, Axis Bank, Bank of Baroda and Ultratech Cement.

Maruti Suzuki also lost ground following reports of a day's plant closure in select areas. Metal stocks were also weak in trade today with notable losers being JSW Steel, Coal India, Sterlite and Sesa Goa.

Aban Offshore gained ground on reports that the company has received orders worth Rs 1,050 crore from ONGC for deployment of drillship Aban Ice for period of 3 years.

Shares in Canara Bank and Allahabad Bank were weak on reports that the Central Board of Direct taxes had issued the banks notices regarding the Cobrapost allegations.

Future Retail also ended lower following certain clarifications on FDI in multibrand retail, which are likely to be less favourable to the company.

Realty stocks had a bad day of trade with notable losers being Unitech and HDIL.

Meanwhile, markets in Europe were trading flat, while most of Asia closed with losses.

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