Weak Global Cues Drag Nifty Lower For 7th Straight Trading Day

By Sunil Fernandes
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    The Nifty fell for the 7th straight day dragged down by weak global cues, particularly from Europe where worries over Greece continued to haunt markets.

    Weak Global Cues Drag Nifty Lower For 7th Straight Trading Day
    Indices
    The Nifty closed lower by 21 points, while the Sensex closed the day lower by 41 points. Leading the set of losers from the Nifty were pharma stocks led by Cipla, Sun Pharma and Dr Reddy's.

    Shares in Nestle India and Sun TV which had fallen sharply in trade on Monday recovered lost ground. Cairn India was weak in trade after reports of a likely merger with metals and mining major Vedanta.

    Tata Steel also ended the day sharply lower after reports of a possible strike by Unions at its UK plant.

    Bharat Forge fell a huge 15 per cent in intra day trading, but recovered later to still close in the red. It ended the day almost 3 per cent lower.

    Shares in Punjab National Bank and Canara Bank hit a 52-week low on sustained selling pressure. Unitech lost heavy ground after reports that the company lost a case against buyers of Gurgaon project at National Consumer Disputes Redressal Commission (NCDRC).

    Meanwhile, markets across Europe saw heavy selling pressure on worries over Greece. Fears that interest rates in the US would rise earlier than expected also rattled global markets.

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