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Markets end lower; PNB tanks 6% on dismal results
The Sensex ended the day lower by 133 points, while the Nifty shed 41 points in trade. Amongst the biggest losers in trade today was Punjab National Bank, which shed more than 6% on poor set of numbers and a rise in non performing assets. Shares of Hindustan Lever dropped following results that disappointed the market.
Other stocks that lost ground and dragged the indices lower were heavyweight stocks including Reliance Industries, ITC and HDFC. Other stocks that saw heavy selling pressure were Jaiprakash Associates and Cipla.
Among the gainers in trade were Mahindra and Mahindra, BHEL, Hero MotorCorp and Bajaj Auto. Shares of CESC fell more than 14% after the company said its arm will buy 34.5% stake in Firstsource Solutions and will make open offer post stake buy.
Firstsource Solutions on the other hand dropped more than 12% following reports of the news. Metal company NMDC ended the day flat after the government's decision to divest stake in the company.
Meanwhile, shares in Europe were trading in the negative on lingering worries over Greece and on worries over weak corporate results.
Shares in Asia ended the day lower on selling pressure, while US Futures indicated a weak start to trade.
Markets are expected to trade steady and would now look to cues from the RBI. Any decision of rate cut from the Central Bank on Oct 30, could see markets gaining ground.
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