Sensex, Nifty Drop For Third Straight Day

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The Sensex and the Nifty ended the day lower for the third straight day, in which the Nifty has now shaved-off as much as 235 points. It los 12 points in trade, while the Sensex fell 50 points. 

Leading the set of losers from the Nifty were stocks like Hindalco which fell a huge 6 per cent.
Shilpa Medicare rose 7 per cent after the company said that the US FDA inspected two manufacturing units of it.
Shares in Hindalco plunged a huge 6 per cent after its promoter Kumar Mangalam Birla was summoned as accused by a special court in coal scam case.

Sensex, Nifty Drop For Third Straight Day
Cipla shares lost ground in trade after investors booked profits in the stock after the recent rally. Shares in MTNL plunged on roumours that there may be a closure of the company.

Metal stocks were very weak in trade with stocks like Tata Steel, Coal India and Sesa Sterlite dropping in trade.
Bharti Airtel and Housing Development Finance Corporation managed to lend some support to the market along with Mahindra and Mahindra.

Wipro and Axis Bank saw some gains in trade on buying support at lower levels. Oil exploration and oil marketing company stocks were weak including HPCL, BPCL and Cairn.

Meanwhile, markets in Europe were trading sharply higher, while most of Asia saw some marginal losses on weak overnight cues from the US.

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