Nifty edges lower; ONGC, Jindal Steel hit

Reuters Market Eye - The Nifty was trading in the red on Tuesday after the broader index touched a record high of 7,968.25 in the previous session. The Nifty was down 0.24 percent as of 1:11 p.m.

Oil and Natural Gas Corp was down 3.2 percent on equity dilution concerns on potential share sale by the government.

Jindal Steel and Power Ltd fell 4.7 percent adding to Monday's 13.9 percent slump after the Supreme Court on Monday said government coal allocations since 1993 are illegal.

However, defensive stocks rose as investors chose to derisk portfolios.

Cigarette maker ITC was up 0.89 percent while Sun Pharmaceutical Industries gains 1.4 percent.

 

(Reporting by Abhishek Vishnoi)