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Markets drop marginally; Infosys, Jindal Steel hit 52-week lows


 Markets drop marginally; Infosys, Jindal Steel hit 52-week
Markets dropped marginally today on weak Asian cues and on reports that the reforms process would be delayed due to inability of the government to evolve a political consensus.

The BSE Sensex closed the day lower by 72 points, while the Nifty lost 18 points to close at 5110 points. Among the stocks that gained today were HCL Technologies and ITC. In fact, HCL Technologies gained 7%, after the company reported a spectacular set of numbers.


A host of stocks lost ground today with the market breadth negative. Among the S&P CNX Nifty stocks that lost maximum today were Jindal Steel, Hindustan Unilever, Sterlite and Hindalco. Jindal Steel lost more than 4%, after the company reported a poor performance for Q1 2013. In fact, Infosys Technologies and Jindal Steel both hit 52 weeks low in intra-day trading.

Most of the Asian markets closed in the red today with the Korean Kospi and the Japanese Nikkei losing maximum ground. Meanwhile, Europe was trading marginally higher after investors made purchases at lower levels.

Indian markets are expected to continue to move in a range and are looking for fresh impetus in the form of reforms, which would help to push them higher.

Read more about: sensex nifty
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