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INDIAN EQUITY BENCHMARKS slumped this Monday as overseas investors sold away shares in the merging markets and shifted stance to the developed economies like US after robust jobs data. Nifty ended its two-day winning streak and closed in the red as institutional investors booked profits as the rupee depreciated against the US dollar. Further, Reliance Communications surged nearly 7%, after the company said that its board of directors had given in-principle approval to demerger of the companyâ€™s real estate assets into a separate company to lower debt. ITC also traded higher, extending its 5% rally in past three trading sessions, on reports that the cigarette maker has hiked the prices of Gold Flake, its largest selling brand by over 7%.
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Published on Jul 9, 2013