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Nifty sinks as European markets, falling rupee causes jitters

Nifty sinks as European markets,falling rupee causes jitters
Markets ended the day lower despite a sharp recovery in the rupee in afternoon trade as European markets saw a sell-off in trade today.

The Sensex ended the day lower by 297 points (provisional), while the Nifty ended the day lower by 89 points. Among the top losers from the Nifty were Jindal Steel and Power which shed almost 15 per cent on reports that the Central Bureau of Investigation (CBI) lodged FIR against 4 companies including JSPL in the coal gate scam.

ICICI Bank also fell after sentiments were dampened following a fine by the RBI on the bank. ONGC, HDFC, Tata Power and Bharti Airtel were the other stocks that slumped in trade today. PSU banking stocks along with private sector names came in for heavy selling pressure as a sharp drop in the rupee dashed hopes of a possible rate cut by the Reserve Bank.

Among the PSU banking stocks that lost ground were Allahabad Bank, Oriental Bank of Commerce and Indian Overseas Bank.

In line with the broad market Mid Cap stocks also ended the day lower. Prominent losers from the space being Ashok Leyland, Adani Power, Reliance Communications, Oracle Financial and HDIL were the other losers.

Realty stocks were the worst hit in trade with Anant Raj dropping 5 per cent, DLF and Oberoi Realty both falling more then 4 per cent.

Software stocks had a good day with HCL Tech and Infosys both ending the day with gains.

Meanwhile, markets in Asia ended the day with the Japanese Nikkei and the Hong Kong's Hang Sang losing 1 per cent each.

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