Sensex dips below 16,000; RIL takes a hit
Paring initial gains, the benchmark Sensex on Friday closed below 16,000 level on selling pressure sparked by a drop in profit of Reliance
Industries, country's most valued company. The Sensex, which gained nearly 300 points in early trade, fell back to show a loss of 156.44 points at 15,896.28 as blue-chips Reliance and Infosys fell on profit-selling at existing higher levels. Among 30 sensex stocks, 19 declined and 11 ended with gains. Shares of Reliance Industries fell by nearly 3.62% to Rs 1,931.25, a day after the company reported a 6.4% drop in its net profit for the second quarter of the fiscal. Second heaviest on the benchmark, Infosys Technologies lost 0.10% to Rs 2,205.40. The two carry nearly 23% weight on the Sensex. Similarly, the wide-based National Stock Exchange index Nifty lost 38.85 points at 4,711.70, after touching the day's low of 4,687.50. The oil and gas sector index suffered the most by 2.79% to 9,434.43 followed by teck index by 1.93% to 2,855.37.

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