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Correction sets in markets. Nifty down 1%

Markets are witnessing correction in the trades, after a run-up marked by consecutive trading sessions in the green in the past week.

At 10:21 AM, the Nifty is at 5156, down by 49 pts or -0.93%.

Metal stocks have corrected, after a spectacular rally during the last week. Sterlite has seen a cut of over 3%. SAIL is down by 2.2%. Hindalco is down by 2%. Tata steel has corrected by 1.8%.

Banks have also seen cuts. ICICI Bank is down by 2%. HDFC Bank down by 1.9%, while PNB has seen 1.2% cuts.

Infra major L&T is down by 1.6%. JPAssociates is down by 3%.

Oil biggie, ONGC, has maintained to keep up with 1.3% gains. RIL has however cooled off with 1.7% cuts.

Ambuja cements from the cement pack is up by 1%. ACC is also trading gains nearing 1%.

Jubilant Foodworks has seen a surge of 3.65%. Renuka sugars is also up by 3.6%.



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