Weakness persists amid political uncertainty
Slight recovery seen from day's low after the Finance Minister assures that the ruling UPA government has absolute majority
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The Dravida Munnetra Kazhagam (DMK) pulled out of the Congress-led UPA coalition on Tuesday in protest against the government's position on a U.S.-backed United Nations resolution on war crimes carried out during Sri Lanka's civil war.
At 1PM, the Sensex was down 232 points at 19,061 after touching an intra-day low of 18,939 and the Nifty was down 76 points at 5,759 after touching a low of 5,724 so far.
Asian stocks remained firm as investors awaited a parliamentary vote in Cyprus on a bailout plan crucial to avert bankruptcy, but potential political instability in India emerged as fresh concerns. The Shanghai Composite was up 0.8%, Hang Seng gained 0.2%, Nikkei was up 2% and Straits Times was up 0.7%.
Realty Index was the top loser down 2.4% followed by metal, Bankex, capital goods, power, oil and gas, auto, consumer durables, FMCG and IT indices. However, healthcare was marginally up.
Bank shares witnessed profit taking after recent gains after the RBI in its mid-quarter review said that the headroom for further monetary easing remains quite limited.
ALOK KUMAR
PGDM II SEM
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