STOCKS 2LST

Leading lenders ICICI Bank dropped 1.27 per cent and SBI
0.69 per cent. HDFC fell 0.78 per cent.
Markets opened higher due to firm global cues in the wake
of the announcement of the details of the rescue package for
Greece, however, the uncertainty surrounding Ulip controversy
coupled with lower-than-expected IIP data had their
ill-effects on the sentiments, IIFL Research VP Amar Ambani
said.
Ulips--a common insurance plan sold by life insurers,
where the money collected from consumers is invested into
equity and debt markets--have become a bone of contention
between the two financial regulators, with both claiming
regulatory authority over the scheme.
Taking SEBI head on, insurance regulator IRDA had asked
insurance firms to continue selling ULIPs, a day after the
capital market watchdog barred 14 insurers from selling these
products without its approval.
The Capital Goods, Auto and the Banking stocks were among
the major losers.
With a fall of 3.24 per cent, Tata Motors led the decline
among the 30 bluechip companies, followed by L&T that dropped
by 2.04 per cent. Among other stocks M&M dropped 2 per cent
and Sterlite by 1.88 per cent.
Some buying was noticed in Infosys ahead of the results
and the scrip advanced 0.64 per cent while TCS settled with a
gain of 0.64 per cent.
Hero Honda was the biggest gainer closing higher by 1.47
per cent and was followed by Sun Pharma, HUL and ITC. Reliance
Industries rose 0.15 per cent.
Asian markets settled mixed today with China's Shanghai
closing down by 0.51 per cent and Hon Kong's Hang Seng Index
by 0.32 per cent. Japan's Nikkei rose 0.42 per cent.
European stock markets opened firm, however, they were
trading in the negative in the mid-session. PTI