Nifty Breaks 7 Day Winning Streak; Ends Lower As Heavyweights Drag

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Shares in Reliance Industries dragged the Nifty and the Sensex Lower, even as global cues were steady.

Nifty Breaks 7 Day Winning Streak; Ends Lower As Heavyweights Drag
The Sensex fell 230 points, while the Nifty dropped 61 points in trade as investors sold heavily into Reliance Industries after one of its employees was arrested in a espionage case.

The stock ended the day lower by almost 3 per cent. Other Nifty losers in trade were Tata Power, ICICI Bank and HDFC.

Shares in Bhel rallied on hopes that the Union Budget would have something in store for the power sector. DLF, Tata Motors, Hindalco and Maruti were among the other gainers in trade.

Shares in SpiceJet was the clear winners after the company announced that Competition Commission of India had paved the way for Ajay Singh's stake sale in the company.

Shares in sugar companies rallied as the Union cabinet cleared the subsidy for raw sugar exports. Stocks like Bajaj Hindustan, Banari Amman and Dhampur Sugar Mills were trading higher.

Mastek jumped a huge 9 per cent in trade after reports that its subsidiary Majesco filed with SEC for listing on NYSE.

Pipavav Defense on the other hand gained ground after reports that the Munjal Group may announce takeover of the company.

Meanwhile, it was a quiet session for global markets with most of Asia ending the day higher, while Europe was trading with marginal losses.

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