Lingering European concerns drag markets lower

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 Lingering European concerns drag markets lower
Shares ended the day lower today tracking European markets, which traded lower on lingering worries over a solution to the Greece debt crisis.

The BSE Sensex ended the day lower by 67 points, while the Nifty ended the day lower by 28 points at 5386 points. Among the Nifty shares that lost ground today was Tata Steel, Jindal Steel, ICICI Bank and Reliance. Tata Steel shed more than 2% in trade today, while Infosys was down more than 1%, after a Reuters reported said that BofA-Merrill warned to stay cautious on the stock, after the recent rally.

Shares of IFCI were the hardest hit today, after the Cabinet okayed conversion of IFCI debentures held by government to equity.

Gujarat NRE Coke rallied almost 5%, after JSPL raised its stake in Gujarat NRE Australian subsidiary by 2.67%.

Among the Nifty gainers were Coal India, BPCL and ONGC.

Meanwhile, shares in Asia closed in the red with the Japanese Nikkei, Korean Kospi, Singapore's Strait Times and Hong Kong's Hang Sang all closing in the red. Europe too was trading in the red on ongoing concerns in the euro zone region.

Indian markets are expected to track global markets next week and are likely to exhibit volatility.

Read more about: sensex, nifty
Story first published: Friday, August 24, 2012, 15:15 [IST]
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