NEW DELHI: Shares of 8K Miles Software Services (down 5 per cent), LT Foods (down 4.67 per cent), IFCI (down 4.60 per cent) and Jaiprakash Power Ventures (down 4.48 per cent) plunged up to 5 per cent on NSE in Monday's session.MSP Steel (down 3.69 per cent), GMM Pfaudler (down 3.42 per cent), MIRC Electronic (down 3.41 per cent), Havells India (down 3.39 per cent) and Electrostl Cast (down 3.13 per cent) declined over 3 per cent.The NSE Nifty index was trading 75 points down at 11,514, while the BSE Sensex was down 234 points at 38,156 around 10:25 am.Weak global cues, rupee's persistent fall and wobbly crude oil prices weighed on market sentiment.Among the 50 stocks in the Nifty index, 16 were in the green and 34 in the red around that time.Axis Bank, Lupin, HCL Technologies, Cipla and UPL were among the top Nifty gainers.Amitabh Chaudhry, the incoming Chief Executive Officer at Axis Bank, may well be taking over at a time when the worst is over for the lender after thousands of crores of provisioning and losses have been written off.
The bank may be at a sweet spot after three years of struggle with mounting bad loans which it had lent to the infrastructure sector.
Ultratech Cement, PowerGrid, Kotak Mahindra Bank, Asian Paints and Hindalco Industries were among the top losers in the Nifty index.