Mumbai: The Nifty is consolidating around 5550 after breaching it on the downside during the day. Blue chip stocks like L&T, JP Associates, Reliance Industries took a breather in trade today after heavy battering in previous sessions. The Nifty has lost 173 points or 3 per cent in last two days. FIIs have turned net sellers in the market pulling out close to Rs 700 crore in the same period.
Political uncertainty and deteriorating economic data is dampening the mood of investors and traders at Dalal Street. The government is pressing hard to revive the slowing economy by taking measured steps. On Thursday evening, the government partially decontrolled sugar sector with certain riders. Sugar companies realisations will go up post this move.
Maruti Suzuki is star performer of the day. The broking firms are re-rating the stock on lower royalty payments and import cost, denominated in yen. The Japanese currency has hit 3-1/2 year low. Wipro, GAIL, ONGC, Jindal Steel are top gainers on the Nifty. NMDC, NTPC, HDFC, IDFC and ITC are top losers.
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