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Nifty hovers around 6,200; RIL down 2%

Markets are down amid weak Asian cues with oil and gas shares leading the fall

SI Reporter Mumbai
Last Updated : Jan 03 2014 | 2:47 PM IST
Markets continued to exhibit weakness in noon trades on Friday, amid weak Asian cues, because of profit taking in oil and gas shares.

At 2:40PM, the 30-share Sensex was down 66 points at 20,822 and the 50-share Nifty was down 17 points at 6,204.

The rupee fell to a one-month low on Friday, extending losses for a third consecutive session, as the dollar strengthened against emerging Asian currencies and as a bout of risk aversion hit local stocks.

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The partially convertible currency fell to as much as 62.53 to a dollar, a level last seen on December 4, as against Thursday's close of 62.26. It was last trading at 62.47.

Asian markets were trading weak with Hang Seng recordig a fall of over 2% while Shanghai Composite and Straits Times were down over 1% each.

The BSE Oil & Gas, Power, Metal, Capital Goods indices were down over 1% each while IT index was up 2%.

In the oil and gas space Reliance Ind and ONGC were down 2% each contributing the most to Sensex losses.

Tata Motors was down over 3% after the company late Thursday reported a 42.28% year-on-year decline in its total vehicle sales at 37,852 units in December 2013. The company had sold 65,582 units in the same month last year.

Coal India was down over 2% after it recorded an output of 319.19 million tonnes for the April-December period, missing the target by 4.5%. The world's largest coal miner has set a production target of 334.44 mn tonne for the nine-month period.

However,  IT shares firmed up with Infosys, TCS and Wipro up 2.5% each.

In the broader market the BSE Mid-cap was up 0.2% while the Small-cap index was trading flat with negative bias.

Market breadth was negative with 1,286 losers and 1,068 gainers on the BSE.

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First Published: Jan 03 2014 | 2:40 PM IST

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