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Stock markets still in red

Mumbai, Mar 21 () : Stock markets BSE Sensex and Nifty declined in the afternoon trade today despite the increase of 1% witnessed earlier today. The Nifty traded below the key 5,700 mark.

The morning trade saw Sensex to surge nearly 200 points, going past the 19,000 mark. It started to slip at 2 pm to 47 points or 0.25 per cent lower at 18,838. The Nifty dipped 16 points at 5,675, while the rupee was stronger at 54.27 to the dollar.

Auto, power, realty and State-owned banks were hit. In total, around 35 stocks in Nifty were in red led by Tata Motors, Bajaj Auto and Maruti Suzuki. Bharti Airtel shares after losing for five consecutive sessions today staged a comeback with stock trading at 6 per cent higher. Private bank ICICI which was losing in the past few days today advanced 3.5 per cent on value buying.

The SP stance being still being not clear even after Sonia Gandhi having personally is said to have pleaded for sparing Beni Prasad for his remarks on Mulayam Singh. Though SP is not to pull the rug now, the stability appears to be uncertain. SP has said that the support is issue based and this clause will be invoked in certain reforms of UPA.

With stability being the issue, markets are expecting UPA to go in for a snap poll. Yet another morning news that created a negative impact was the CBI raid on DMK treasurer Stalin’s house in early morning. The raid was conducted at 7.30 am for an import of a car by Stalin’s son.

DMK even while quitting the UPA had said that it will not do anything to pull down the UPA but now the raid seems to have closed the doors for any compromise.

Anticipating a turf problem, Chidambaram who scraped through with 800 votes in last Lok Sabha election from Sivaganga (TN) expressed his dissatisfaction over the raid and so did PM at a later time too echoed the same view.