Stock Market Updates for Today (1st July '11)
With the bulls, buoyed by positive global cues, taking first strike, the market started off on a high note this morning with the Sensex sailing past the psychological 19,000 mark in style within minutes of commencement of trade. The Nifty breached the 5700 mark right at the stroke of the opening bell.
However, the buoyancy did not last longer as stocks started giving up gains, and then, drifted even lower past noon as investors chose to book profits after six successive days of gains. Though Asian markets ended mostly higher and European stocks showed some strength, the mood on the Indian bourses turned quite cautious in afternoon trade.
The market tumbled sharply on heavy selling in Reliance Industries on the back of reports that the central bureau of investigation searched the house of a former upstream regulator AK Sibal following a report from CAG that there may have been inflated costs for some of the company's exploration activities.
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