MID-SESSION
Nifty falls below 6,000
Key benchmark indices extended losses to hit fresh intraday low in mid-morning trade as the Reserve Bank of India's (RBI) latest measures to squeeze liquidity from the banking system to stem rupee's decline rattled investor sentiment. The S&P BSE Sensex hit its lowest level in almost one week. The 50-unit CNX Nifty hit one-week low below the psychological 6,000 mark as weakness in Asian stocks also dampened sentiment. The Sensex was down 277.93 points or 1.37%, up about 5 points from the day's low and off close to 230 points from the day's high. The market breadth, indicating the overall health of the market, was weak.
IT stocks edged higher, with TCS and HCL Technologies hitting record high and Tech Mahindra hitting 52-week high. Capital goods stocks edged lower on worries the ongoing slowdown in the economy could restrict new orders. Sterlite Industries extended intraday losses.
The market trimmed losses after a weak start. The intraday recovery proved short lived as the market weakened again in morning trade. The market extended losses to hit fresh intraday low in mid-morning trade.
The market may remain volatile in the immediate future as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire tomorrow, 25 July 2013.
The CNX Nifty was down 102.95 points or 1.69% to 5,974.85. The index hit a low of 5,968.40 in intraday trade, its lowest level since 17 July 2013. The index hit a high of 6,047.25 in intraday trade.
Infosys was up 0.63%.
HCL Technologies advanced 0.73% to Rs 906.30.
Tech Mahindra was up 1.97% to Rs 1202.20.
Wipro gained 1.41%.
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