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Sensex loses 108 points, Nifty back at testing 5k

September 5th, 2011

Indian markets are once again back in the red after Sensex lost 108 points in trade today. However, Sensex is relatively better than in Asian peers which closed deeper in the red today. Nikkei has shed 166 points while Hang Seng was down 596 points. European markets that opened for the Aug 5 trading are in the red with FTSE losing 121 points, CAC losing 123 points and DAX losing 214 points hinting that the US markets should be prepared for more choppy session ahead.

Indian stock market experts say warn that there will be some more bleeding in the IT sector and suggests to stay away from them. They suggest Auto and Banks to be a more comfortable place to live in for long.

Sensex closed the day at 16713 losing 108 points while Nifty closed the day at 5017 losing 22 points.

ADAG group stocks are the best gainers of the day. Reliance Infra and Reliance Capital are up 5% each. Hero Motorcorp gained 5% and has become the preferred stock from the auto sector. Jaiprakash Associates is up 4%. RCOM, Axis Bank and SAIL closed up over 3% each.

The losing end is more broad and is spread. Wipro, Cairn India, HCL Tech are down 3% each. ONGC, BPCL, Infosys, Ambuja Cements, Power Grid, Reliance, Sterlite Industries are all down 2% each.

Reliance Communications (BSE: 532712; NSE: RCOM; ISIN: INE330H01018) said that it is reorganizing its wireless business and is expecting to complete the process in 30 days time. The script closed up gaining Rs. 3.3 at Rs. 88.

Brooks Laboratories (BSE: 533543; NSE: BROOKS; ISIN: INE650L01011) that got listed on the bourses today has seen a disastrous closing. The script opened at Rs. 110, touched an intraday high and low of Rs. 131.10 and Rs. 57.75 to close at Rs. 60.20.

Market reports say that Nikhil Gandhi is likely to take over as chairman of Everonn Education (BSE: 532876; NSE: EVERONN; ISIN: INE678H01010). The company board would be meeting during this week to finalize the decision. The script was locked at 20% lower circuit at Rs. 280.55.

Entry Filed under: Equity Markets, Telecom, Closing Bell, Education