Nifty Weekly Trend

Nifty in red

Accelerated profit taking has sent benchmark indices BSE Sensex and the Nifty into red. Despite a 5% hike in foreign institution investors' cap on debt investments, which is expected to lure FIIs, profit-booking has picked up pace. At 11.36 hrs IST, the Sensex was down 33 points or 0.17% at 19306.90, and the Nifty was trading down 9.10 points or 0.15% at 5870.75.

UltraTech Cement, which rose 3.21% on the Nifty, moved on account of the news that the company was in advanced talks to buy Jaypee's cement biz in Ahmedabad. Ultratech is keen to buy Jaypee's 4.8 MTPA facility at $160-165/tonne. The deal is seen around $760-890 million.

Meanwhile, Mahindra and Mahindra, Tata Steel, Maruti Suzuki were top Sensex gainers, rising between 1.49% and 1.97%. The losers include HDFC Bank, Bharti Airtel and ITC — all losses were sub 2%.

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