Mumbai, May 7: While Nifty continued to plummet on weak global cues, Reliance Industries, which was celebrating the Supreme Court's favourable verdict, helped the benchmark sustain the 5000 mark.
BSE Sensex shut shop at 16769, down 218 points and NSE Nifty ended at 5018, down 72 points.
The debt concerns in Eurozone countries like PIIGS (Portugal, Italy, Ireland, Greece, and Spain) contines to haunt the global markets. The Asian markets were all down. European markets too were tarind lower.
Buying helps Sensex recoup; RNRL tanks 22 pc
Buying in shares at lower levels is helping the Sensex regain strength. Nifty was trading rangebound between 5000-5050.
At 2: 15 pm, BSE Sensex was trading at 16813, down 173 points and NSE Nifty was at 5028, down 62 points.
Reliance Industries, HUL, ITC, BPCL, ONGC and M&M were the only gainers.
The Supreme Court verdict in the gas dispute between the Ambani brothers continues to affect the markets. Reliance Industries gained over 3 per cent. Reliance Natural Resources plunged 22 per cent and other ADAG companies' shares fell 3 to 10 per cent. Down 9 per cent, Reliance Power was the biggest loser on the Nifty.
Emami, Kwality Dairy, GlaxoSmith Consumer, Indian Hotels and 3M India were the midcap gainers while Jagran Prakashan, Gee Kay Finance, Shree Renuka, STC India and Ruchi Soya lost.
In the smallcap arena, JMD Telefilms, Falcon Tyres, West Coast Paper, Intra Infotech and Ushdev Int went up while Solvay Pharma, Lloyds Metals, Panoramic Universal, GRUH Finance and KPR Mill fell.
2: 40 PM
On SC verdict, RIL gains 4.7 pc, RNRL slips 15 pc
The Supreme Court verdict in the gas dispute between Ambani brothers came in favour of Mukesh Ambani-led Reliance Industries Ltd (RIL). On this news RIL gained 4.7 per cent while RNRL plunged 15 per cent.
Both RIL and RNRL have been the most active shares on the markets since morning.
Mukesh Ambani's Reliance Industrial Infrastructure also gained 3.8 per cent.
Other shares of ADAG companies also dipped. Reliance Power lost 10 per cent, Reliance Infrastructure, Reliance Capital, Reliance Mediaworks and Reliance Media World slipped 3.8 to 7 per cent.
At 11: 20 am, BSE Sensex was trading at 16801, down 185 points and BSE Nifty was at 5024, down 66 points.
The benchmarks were volatile. The broader indices lost 2 per cent each.
12: 42 PM
Sensex opens down by 200 pts
After US markets lost over 1000 points on Thursday, May 6, the Indian markets also opened the day in the red. News that European banks have stopped lending weighed on the indices.
At 9:02 am, the Nifty was trading at 5026, down 64 points and the Sensex was at 16778, down 209 points. The Nifty May future was trading with 12 points discount.
The CNX Midcap dipped 132 points to trade at 7822, and the BSE Smallcap was at 8835, down 143 points.
Tata Steel, Sterlite Industries, Hindalco, Reliance Infrastructure, Jaiprakash Associates, ICICI Bank, Kotak Mahindra Bank, Cairn India, Ambuja Cements and ABB were the frontliners witnessing selling pressure.
Ahead of the RIL-RNRL gas pricing case judgment, Reliance Industries broke the Rs 1000 mark while RNRL was up 3.7 per cent.