Nifty Drops For 5th Straight Day; Arrival Of Monsoon Offers No Cheer

By Sunil Fernandes
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    The Sensex and the Nifty continued to fall as arrival of monsoon in parts of Kerala offered no cheer to markets. 

    Shares from the FMCG space like Hindustan Unilever and ITC which were beaten down heavily in the last few days saw some buying interest.

    Nifty Drops For 5th Straight Day; Arrival Of Monsoon Offers No Cheer
    Indices
    Nifty11,234.35Nifty Quote-44.55 [0.39%]
    The Nifty closed lower by 15 points. The Sensex on the other hand lost 44 points in trade. Shares in Nestle India which were down as much as 4 per cent in early trade started trading in the green after a press conference by the global Nestle CEO. It ended the day with gains.  

    Shares in Coal India gained after Morgan Stanley upgraded the stock. Sun Pharma finally saw some buying interest at lower levels and ended up more than 2 per cent.

    Banking stocks continued to remain weak in trade with ICICI Bank, HDFC Bank, Axis Bank and HDFC among the losers.

    Just Dial was up after the company announced a buyback of shares at a price of Rs 1550 per share. Tata Motors was the top loser in trade from the Nifty. The company's JLR's UK sales grew 11 per cent.

    Meanwhile, markets across Asia ended the day with losses following poor cues from the US markets. Europe was also trading with steep losses on worries over a Greece debt deal.

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