Equity Alert: Market dn 1% on weak overseas cues; Nifty below 5000

[K.Karthik Raja]

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Equity Alert: Market dn 1% on weak overseas cues; Nifty below 5000
MUMBAI--1:45PM--Key share indices were down 1%, mirroring the fall
in
European and most Asian markets, dealers said.
"People are also building short positions in the derivatives
segment, and
there is a lack of buying at lower levels," a dealer said.
Sensex was at 16732.99, down 174.12 points or 1% from Thursday's
close.
Nifty was at 4967.60, down 57.85 points or 1.1%.
Dealers now see support for Nifty at 4950 and then at 4930.
Metal shares fell amid concerns that the sector is overbought.
Hindalco
Industries shed 3%, while Sterlite Industries, down nearly 5%, was the
worst-hit among Nifty stocks.
ITC fell 3% after it reported Jan-Mar net profit of 7.36 bln
rupees,
slightly lower than analysts' projection of 7.60 bln rupees.
Bharat Petroleum Corp, up 4%, and Bharti Airtel, up nearly 3%,
were among
rare gainers in Nifty.