Markets end steady; high beta names drop

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Markets end steady; high beta names drop
Markets shed early morning gains as dismal European cues and fears over the fate of crucial FDI bills ahead of the Parliament session weighed on sentiments. The Nifty ended the day higher by 0.15 points, while the Sensex closed lower by 9 points.

Among the losers in trade were Jaiprakash Associates, DLF, Hindalco and Ambuja Cements. Selling was prominent throughout the Nifty stocks except a few like Mahindra and Mahindra, HDFC, Tata Power and Power Grid.

Retail stocks saw selling pressure ahead of the parliament session, which could see a heated debate and even a voting, if permitted, for FDI in multi-brand retail.

Stocks of Pantaloon Retail, Brandhouse Retails, Koutons and Provogue ended the day with losses. Tata Global Beverages continued to fall sharply for a second day in a row, after Morgan Stanley stated that the Starbucks' impact on Tata Global was overstated.

Banking shares too saw selling pressure in trade today with ICICI Bank, State Bank of India, IDBI Bank, Punjab National Bank and Indian Overseas Bank amongst the losers.

Heavyweights Reliance Industries and ONGC added pressure on the Sensex.

Meanwhile, markets in Europe were trading negative largely after Moody's downgraded France and warning of further action, if reforms are not implemented.

Read more about: nifty, sensex
Story first published: Tuesday, November 20, 2012, 15:01 [IST]
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