The market continues to slide in afternoon trade. The Sensex is down 273.61 points or 0.9 percent at 28656.80 and the Nifty is down 80.25 points or 0.9 percent at 8695.75. About 940 shares have advanced, 1655 shares declined, and 182 shares are unchanged.
Sun Pharma, Axis Bank, Wipro, BHEL and Bajaj Auto are among losers in the Sensex. Gainers include ONGC, Coal India, NTPC and HDFC.
Securities Appellate Tribunal (SAT) has quashed Securities and Exchange Board of India's (SEBI) order against DLF's three-year ban from capital markets, stating that the market is not justified in condemning the real estate developer in conducting its business. Shares of DLF soared 9 percent after the tribunal's order.
Meanwhile, demand for gold picked up across Asia this week as bullion prices dropped to their lowest level in three months after the longest losing streak in more than 40 years, but caution still prevailed, traders said.
Gold, trading at about USD 1,158 an ounce, touched USD 1,147.10 on Wednesday, the lowest since December 1. The metal fell for nine straight sessions to Thursday, the longest losing streak since 1973.
The lower prices attracted bargain-hunters across Asia, the top consuming region, although wariness over the price outlook kept a lid on purchases. More information please visit this site www.shristocktips.com