Equity Alert: Mkt falls 2% on overseas cues; Unitech, Ranbaxy down
MUMBAI--1:25PM--Decline in overseas markets pushed local share
indices down
over 2% mid session, dealers said. Key European markets were down
1-2%.
Sensex was at 13268.89, down 278.29 points, or 2.1%. Nifty was at
4022.00,
down 88.55 points, or 2.1%.
Fears that the US government's $700-bln bank bailout plan may be
stalled hit
sentiment across the world, including India.
Meanwhile, financial failures continued to rock the US. Federal
Deposit
Insurance Corp Thursday seized Washington Mutual in the largest
failure ever
of a US bank.
Back home, selling was seen across sectors. Unitech, down nearly
6%, was the
worst hit on Nifty. Ranbaxy and National Aluminium Co fell 5% each,
while Tata
Motors was down 2%.
Fast moving consumer goods shares, and Tata Communications were
among rare
gainers on Nifty. ITC rose 2%, and Hindustan Unilever gained 1% on
defensive
buying, dealers said.
Tata Communications rose 4.5% on fund buying, and amid talk the
government
was close to working out a plan for sale of the company's land.
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