07 June 2010 Closing Market Updates

07 June 2010 Closing Market Updates 15:31
Market opened weak and traded in a very narrow range as European opened negative but stucky.Nifty closed at 5039.45 shedding 96.05 points with a cautious note as the Empowered Group of Ministers will meet after market hours, to decide on Kirit Parikh Committee recommendations.Sensex closed at 16795.86 with 321.83 points down.The Empowered Group of Ministers will meet after market hours, to decide on Kirit Parikh Committee recommendations on deregulation of fuel prices. Shares of both upstream and downstream companies have been in action on anticipation of a possible price hike. The committee had earlier suggested complete decontrol of petrol/diesel prices (among others). Current petrol and diesel under-recoveries are Rs 3.4/lt and Rs 3.5/lt, respectively, and will require price increases of Rs 3.9/lt (8.7%) and Rs 4.1/lt (11.0%), respectively.
All BSE Sectoral Indices closed in negative as witnessed all round selling on the bourses.Realty index was the major loser with 3.88%
Rcom gained the most by 4.27% among the Nifty50 stocks and closed at 175.75 whereas DLF closed as top loser among Nifty50 stocks.It lost 6.25% and closed 264.15.
Advance/Decline ratio was negative to almost 4.17 : 1 as 1046 stocks declined and 253 stocks gained today on NSE.