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Nifty bears down to 5400

Equity benchmarks slashed more than 1/2 percent in the morning trade following down fall in global markets, reacting to Greek debt problems. Greece’s prime minister offered to quit and make way for a national unity government.

Another serious cause for the market is likely hike in repo rates today by the RBI in its policy meeting. The Nifty still holds the 5400 level.

PNB, Axis Bank, IDFC, Kotak Mahindra Bank, SBI, Maruti Suzuki, Reliance Industries, SAIL, JSPL, Ambuja Cements, DLF, Tata Motors and L&T were putting selling pressure. The 50-share NSE Nifty was trading at 5,422, down 24 points and the 30-share BSE Sensex fell 78 points to 18,053.



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