Sensex drifts lower again; JP Associates dives 5%

Indian equities fell sharply again due to steep crack in L&T and BHEL, which plummeted 5% each while the Nifty tested 5,000-level as well. Reliance Industries, HDFC Bank and HDFC were down 2-3%. The 30-share BSE Sensex tanked 193 points to 16,690.04 and the 50-share NSE Nifty lost 63 points to 5,005.35.

Infosys, TCS, ICICI Bank, Bharti Airtel, NTPC and Tata Motors dropped 0.5-1%. Hero Motocorp, Sun Pharma, Wipro, Coal India and Hindalco and Maruti lost 2.5-3%. Jaiprakash Associates tumbled 5%.

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However, SBI, which rallied over 2% at one point of time, gained just 1%. ONGC and M&M moved up 1.7% each. ITC and Cipla rose 1% each while Jindal Steel shot up 2.25%.

About three shares declined for every share rising on National Stock Exchange.

At 14:01 hours IST : Nifty recovers; SBI, ICICI Bank, ONGC, ITC lead