Sensex Trades Lower Again; Nestle India Down 5% As Maggi Worries Continue

By Sunil Fernandes
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    Benchmark indices fell in early morning trade with IT stocks like Infosys making some gains. The Sensex was down 63 points in trade, while the Nifty was lower by 20 points. Banking stocks continued to be under pressure with HDFC Bank, ICICI Bank and Yes Bank seeing losses in early trade.

    Sensex Trades Lower Again; Nestle India Down 5% As Maggi Worries Continue
    Gail, Lupin and Tata Steel were the Nifty winners. Shares in Nestle India dived another 5 per cent as the Maggie controversy escalated.

    Stocks of companies in the Fast Moving Consumer Business continued to fall on worries that deficient monsoon may affect rural demand for products. Hindustan Unilever and ITC continued to decline in trade.

    Tata Motors lost ground for a second successive day in a row. PSU banking stocks continued to be hammered lower with Bank of India losing a huge 3 per cent, while other notable losers were Punjab National Bank, Indian Overseas Bank and Union Bank.

    Unitech which had fallen as much as 50 per cent on Wednesday recovered some lost ground. J P Associates, however, continued to fall and dropped another 2 per cent in trade.

    Shares in Axis Bank gained ground after reports that the RBI said that the holding of FIIs in the stock was below the prescribed limit.

    Eicher Motors fell 4 per cent after Volvo said it will exit Eicher Motors, to sell its 3.7 percent stake (10 lakh shares) via block deal today.

    Meanwhile, markets across Asia continued to trade weak after worries over the Greece debt deal.

    GoodReturns.in

    Read more about: sensex nifty
    Story first published: Thursday, June 4, 2015, 9:38 [IST]
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