Markets end flat; banks recover from lows

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Markets end flat; banks recover from lows
Indian indices which were trading in the red for most part of the session staged a smart rally in late trade, helped by recovery in banks and metal stocks.

The Sensex ended the day higher by 56 points, while the Nifty closed with a gains of 20 points. Amongst the stocks that had a good session today, included public sector banking stocks led by State Bank of India, which gained more than 1%. Other PSU banks which gained included Andhra Bank with gains of 1.20%, Syndicate Bank with gains of more than 2% and Bank of India with gains of more than 2%.

Index stocks that ended the day with good gains included Reliance Industries, Jaiprakash Associates, GAIL and BPCL.

On the hand the major losers amongst the index stocks were HDFC, IDFC, Tata Power and Cipla.

Among non index stocks shares of Blue Dart Express Ltd plunged following reports that the promoters of the company were to dilute their stake in the company.

Shares of United Spirits gained on reports that the company is nearing a deal to sell 49% stake in the flagship subsidiary, Whyte & Mackay.

Meanwhile, shares in Europe were trading marginally lower awaiting the ECB meet slated for September 6, 2012, in which it is expected that Mario Draghi, ECB President would announce measures aimed at easing problems in the euro zone region.

Read more about: sensex, nifty
Story first published: Tuesday, September 4, 2012, 15:10 [IST]
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