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Nifty drifts down. L&T down by 2%

Markets have seen selling trades, with the Nifty retracing back to the crucial 4700 mark. Stocks from the banking, financial and infrastructure sectors have given up in the trade.

At 9:59 AM, the Nifty is at 4708, down by 38 pts or -0.8%.

Reliance infra, from the infra space, is down by over 2%. L&T has lost nearly 2% to trade at 1063. Punj lloyd has continued the decline and is down by 1.8%. IVRCL Infra has tanked down by over 3%.

PSU Banking major SBI has seen declines of 1.8%. PNB is down by 1%. ICICI Bank has further lost 1.4%.

Auto major M&M is down by 1.5%. Tata motors has seen 0.8% cuts.

Some of the steel stocks have also been trading in the red. Jindal steel is down by 2.6%. Tata steel is down by 1.6%. JSW Steel is also down by 1.6%.



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