UP exposed stocks fall on profit booking

Analysts,however,expect the companies from sugar and power sectors to benefit from change of guard in the state.

Profit booking during the later part of the day in an overall volatile market,however,saw sugar stocks ending with losses.

The market community largely expected Mulayam Singh Yadav-led SP to form a pro-business government in the state.

However,some analysts said that a weaker-than-expected performance from Congress in the assembly elections could lead to some populist measures at the central government level and therefore slow the pace of economic reforms.

Jaiprakash group companies — Jaiprakash Associates,Jaiprakash Power Ventures and Jaypee Infratech — ended the day with losses up to 4 per cent on the BSE.

Jaiprakash Power Ventures closed 4.12 per cent lower at Rs 39.55,while Jaiprakash Associates was down 1.07 per cent at Rs 69.60.

Similarly,Jaypee Infratech dropped by 2.06 per cent to Rs 42.85.

On the other hand,shares of Anil Ambani-led Reliance Group companies,Reliance Power and Reliance Infrastructure,slipped by 7.09 per cent and 5.73 per cent,respectively.

Other group companies also saw selling pressure. Reliance Broadcast Network ended 4.59 per cent lower,Reliance Capital fell by 5.91 per cent,Reliance Communications was down 5.23 per cent and Reliance MediaWorks tanked 6.57 per cent.

Meanwhile,in a highly volatile trade,the BSE benchmark Sensex closed 189.58 points lower at 17,173.29.

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