Sensex loses 120 pts, slips below 18000

31/07/2010 00:00 AST

Downgrading of Reliance Industries by analysts, the company that has the highest weight in leading indices, pulled the stock down by 3.1% on Wednesday, and in turn, also the BSE sensex and NSE nifty. While the sensex again closed below the 18K mark, down 120 points at 17,957, the nifty too ended below the crucial 5,400 level, at 5,398, down 33 points from Tuesday's level.

Post its quarterly results on Tuesday, analysts downgraded RIL on concerns that it would take the company longer to increase gas production at the KG-D6 block, off the country's east coast. Other than RIL which closed at Rs 1,021, other top losers were HUL, DLF and L&T, which effected the markets adversely. While HUL closed at Rs 252, down 3%, DLF was down 2.4% at Rs 312, and L&T closed 2% down at Rs 1825. The slide in the sensex came despite a Rs 593 crore net FII inflow while domestic institutions continued to be net sellers with an outflow of Rs 691 crore.


The Times of India

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