Markets end lower; metals stocks pounded

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Markets end lower; metals stocks pounded
Markets ended the day marginally lower in line with most Asian markets. The BSE Sensex ended the day lower by 47 points, while the Nifty ended the day lower by 15.65 points at 5334 points.

Metal stocks came in for severe hammering with stocks like Sterlite, Hindalco, Tata Steel, Sesa Goa and Jindal Steel losing heavy ground.

Jindal steel ended the day lower by 5 per cent, while Hindalco lost 3 per cent and Sterlite Industries lost 5.45 per cent.

Shares of bell weather stocks like IT and FMCG outperformed in trade today. Shares of TCS surged more than 2 per cent in trade today, following a Reuters report stating that Bank of America-Merrill Lynch says Tata Consultancy Services is gaining market share across its service line and geography after meeting with management.

However, among the star performers in trade today was HCL Infosystems, which rallied more than 22 per cent, following reports that Lenovo was interested in a stake in the company.

Other shares that rallied in trade today were ITC and Hindustan Unilever. Shares of PSU banks continued to lose ground with Allahabad Bank, Oriental Bank and Union Bank sliding.

Meanwhile, shares in Asia closed mixed. The Singapore Straits Times, Hong Kong's Hang Sang and China's Shanghai Composite closed higher while the Taiwan Weighted and the Japanese Nikkei closed lower.

Markets are expected to be range bound until Friday, when GDP figures would determine the direction of the markets.

Read more about: sensex, nifty
Story first published: Tuesday, August 28, 2012, 15:31 [IST]
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