Markets Ends on a Negative Note

The markets declined almost 2 per cent due to selling in ADAG shares, roiled by 2G scam and also metal shares, after the cabinet cleared the new mining bill, calling for companies to share profits. The Nifty declined 72 points, at 4,943 and the Sensex lost 244 points, at 16,453. The Nifty opened lower tracking subdued global cues as concerns over how the European bailout fund would help the Greece and other countries from averting a default took the front seat. The Nifty reversed losses and touched a high of 5,025 in the mid morning session. However, the index was unable to sustain the recovery and it slipped again to end near the day's low, tracking losses across European bourses. The Sensex and Nifty were up almost 2 per cent for the week, but posted their biggest quarterly fall in three years, down 12 per cent in the September quarter. The market breadth is negative with 1019 advances as against 1716 declines on BSE.