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Nifty choppy; Ranbaxy, ICICI Bank, HDFC down

This article was posted on Feb 26, 2009 and is filed under Market News

MUMBAI: Indian equities were witnessing a dull session and were in a narrow range on Thursday on account of February F&O series expiry. Banks, realty and metal stocks were the worst hit while auto and IT were modestly higher.

At 11:45 am, National Stock Exchange’s Nifty was at 2733.90, down 28.60 points or 1.04 per cent. The broader index fell to a low of 2731.90 and high of 2765.90.

Bombay Stock Exchange’s Sensex was at 8810.71, down 91.85 points or 1.03 per cent. The index recovered after falling to intra-day low of 8788.32. It touched a high of 8905.56.

Ranbaxy Laboratories (-16.62%), ICICI Bank (-6%), Punjab National Bank (-4.76%), BPCL (-4.40%) and HDFC (-3.97%) were the top Nifty losers.

Tata Motors (2.64%), Hero Honda (1.62%), CAIRN India (1.16%), L&T (0.96%) and Grasim (0.90%) were the top Nifty gainers.

The US health regulator FDA Wednesday said Ranbaxy Laboratories falsified data and test results in its drug applications, prompting it to take necessary actions. The US Food and Drug Administration said in a statement that it has taken “new regulatory action against Ranbaxys Paonta Sahib Plant in India” and has halted review of drug applications from plant due to evidence of falsified data.

HDFC has been on a decline ever since the mortgage giant decided to charge its customers up to 3% of the outstanding loan, if they decide the prepay their loans by switching over to another bank. The mortgage giant’s move is aimed at discouraging the customers from switching over to State Bank of India, which has recently launched a special scheme with an offer of 8% interest on all home loans for the first year.

The government on Wednesday informed Parliament that it has ordered a special audit of the accounts of the real estate giant DLF and would take necessary action after scrutiny. “A special audit under section 142(2A) of the I-T Act has been ordered in the case of Delhi Lease and Financing Ltd, also known as DLF for the assessment year 2006-07”, Minister of State for Finance S S Palanimanickam said in a written reply in the Lok Sabha.

Market breadth was negative on the BSE with 1313 declines and 753 advances.

Meanwhile, India’s inflation for week ended February 14 fell to 3.36 per cent against 3.92 per cent a week ago.

The Royal Bank of Scotland reported net loss of 24.1 billion pounds in 2008, the largest shortfall ever recorded by a British company.

source: Economictimes

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