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Indian markets continue to slide
Fri, 13 Mar 03:30 pm

Indian markets tanked more than 1.25% as investors continued to book profits. The BSE-Sensex fell over 400 points while the NSE-Nifty fell more than 120 points amidst the sell-off. S&P BSE Midcap and S&P BSE Smallcap fell over 1%. Banks and capital goods stocks which recently had received a lot of traction witnessed maximum sell-off. Consumer durables and IT stocks saw lowest negative traction within a sell-off. Commodity prices, however, traded with moderate gains. Gold prices, per 10 grams, gained 0.6% or Rs 160 and are trading at Rs 25,800 levels. Silver price, per kilogram, gained about 0.5% or Rs 200 and is trading at Rs 35,500 levels. Crude oil prices pared some losses is trading in red with 0.4% loss or Rs 14 or Rs 2,968 per barrel. On the other hand, Indian rupee gained 0.5% or 0.30 and is trading at Rs 62.78 levels.

oil and gas sector witnessed correction as investors booked profit. Cairn India lost the most among the sector. Shares of the company cracked 4% after the Income Tax department fined the company over allegations that the company did not deduct withholding tax on capital gains made by Cairn energy. The fine slapped by the Income Tax department amount to Rs 204.95 billion. The company has faced action from Income Tax department last week when it fined the company to the tune of Rs 102.47 billion. This fine, however, was related to the capital gains the company made in 2006. Despite such allegations, the company says that it will take all possible steps to protect the interest.

Realty stocks witnessed correction in today's trade. The stock of DLF gained handsomely today after SAT quashed SEBI's order that prohibited the company from raising capital from stock markets for a period of 3 years. As per SAT, DLF made appropriate disclosures in the IPO prospectus and there were no shortcomings in that. It may be noted that SEBI had barred the promoters from raising capital on the grounds that they suppressed material information at the time of going into IPO. With SAT over-ruling SEBI's decision the stock got a necessary breather and rallied registering gains in the region of 6% today.

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