Equity Alert: Mkt erases gain post 1% rise at open; Ranbaxy down 8%
MUMBAI--10:10AM--Share indices gave up gains on selling pressure
at higher
levels after rising 1% at open on firm overseas cues, dealers said.
Sensex was at 13453.60, down 65.20 points, or 0.5%. Nifty was at
4059.00,
down 15.90 points, or 0.4%.
Cairn India shares were up 3.5% as crude oil prices rebounded to
trade
around $94 a barrel on NYMEX.
Other gainers included recently battered technology shares.
Infosys
Technologies, up nearly 5%, was the top Nifty gainer, while Satyam
Computer
Servies and Wipro rose over 3% and 2%, respectively.
Bank and pharmaceutical shares were among laggards.
ICICI Bank fell 4%, while Ranbaxy shares, dropped 8% on US Food
and Drug
Administration's warning letters to two of its units. Ranbaxy was the
worst hit
on Nifty.
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