Sensex Falls Below 26,500 Points; Cairn Slides 3%

By Sunil Fernandes
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    Benchmark indices fell once again in trade with the Nifty and the Sensex dropping on weak global cues.

    Sensex Falls Below 26,500 Points; Cairn Slides 3%
    Indices
    Heavyweights, ITC and HDFC Bank led the fall in early trade. Select Nifty stocks like Bhel, Gail and Vedanta saw buying interest.

    The Sensex was trading lower by 32 points, while the Nifty was down 5 points in trade.

    Banking stocks, particularly PSU banking stocks like Union Bank, IDBI Bank and Syndicate Bank saw buying interest after the Reserve Bank of India today allowed banks to takeover defaulters.

    Shares in Tata Steel dropped 2 per cent after reports of a possible strike at its plant abroad. Nestle India saw buying support in trade after the Singapore government said Maggi that is made in India is safe to eat. The stock was up 1.36 per cent in trade on value buying.

    Shares in realty company Unitech was down as much as 5 per cent on reports that the company had lost case against buyers of Gurgaon project at National Consumer Disputes Redressal Commission .

    IT stocks were having a weakish session in trade with HCL Tech, Wipro, Infosys and TCS among the losers.

    Pharma stocks continued to see sustained selling with Sun Pharma, Cadilla, Lupin and Glenmark among the losers.

    Meanwhile, Asian markets were all deeply in the red with the Jakarta Composite sliding 2 per cent and the Shanghai Composite down more than one per cent. This was following poor cues from the US on fears of an interest rate hike.

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