Nifty ends below 10,800; Sensex down 219 pts; PSU banks drag 2%

Benchmark indices ended at day's low with Nifty slipped below 10,800 and Sensex fell over 200 points as selling pressure seen in major banking, pharma and metal names.

The market breadth was on decline with 809 shares have advanced, 1721 shares declined, and 143 shares are unchanged.

Tata Motors, HPCL, BPCL, L&T, ICICI Bank, Coal India, and Power Grid are the top losers on the indices.

Expect IT space, all other sectoral indices ended lower with 0.4 percent to 2 percent cut.

HEADLINES OF THE DAY

Shares of telecom firm Idea Cellular slipped 7.5 percent intraday Monday as its merger with Vodafone India may miss the deadline of June 30.

Shares of PNB Housing Finance soared 14 percent intraday on reports that HDFC and Kotak Mahindra Bank were eyeing controlling stake in the firm.

Share price of Sandhar Technologies rose 2 percent on signing JV agreement with Whetron Electronics Co.

The crucial resistance for Nifty spot is now seen at 10810 and above this 10875. Support for the immediate term is now placed at 10640 next support will be 10585.

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