Nifty down 1%, ONGC and SBI contributes to fall

Frontline indices were under pressure throughout day. Its negative closing ahead of March Expiry. Oil and Gas sector and Banks were major contributor for losses. ONGC were down 2.5% to 257.75, State Bank of India also slipped to 2079.25.

Some pocket of buying were witnessed in Pharma counters such as Dr Reddy [stockquote]DRReddy[/stockquote]were up by 1.43% and Ranbaxy Labs [stockquote]Ranbaxy[/stockquote] up 1.32%.

In last few sessions NIFTY has unable to move above 5270-5300 levels and somehow managed to recover from 5150-5170, any closed below 5150 will be seen as more negative and will attract more short build-up.