Markets end lower; Bharti drops 4%

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Markets end lower; Bharti drops 4%
Markets ended the day lower, showing resilience despite a sharp fall in equities worldwide. The BSE Sensex ended the day marginally lower by 38 points, while the Nifty closed the day lower by 8 points at 5413.

Shares of Bharti Airtel fell on fresh re-ratings, after Credit Suisse downgraded the stock, citing prospects of Reliance Infotel entering the wireless voice market, thus intensifying competition. Bharti was down almost 4% in trade today.

Other shares that lost ground in trade today were NTPC, L&T and Tata Power. Shares of NCC and Central Bank of India ended in the negative following a decision by the National Stock exchange to exclude these companies from the F&O segment from the October contract.

Shares that showed smart gains in trade today were Hero Motor Corp, Hindalco and Tata Motors. Hindalco which had lost heavy ground on Tuesday following a closure order of one of its power plants, recouped most of Tuesday's losses. Shares of FDC ended the day higher following an announcement by the company of buyback of shares at Rs 110 per share.

Meanwhile, shares in Asia closed lower, while markets in Europe were firmly in the red. Renewed fears of Greece extending the terms of its deadline for a financial package weighed on stocks in Europe.

GoodReturns.in

Read more about: sensex, nifty
Story first published: Wednesday, August 22, 2012, 15:08 [IST]
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