Markets trade lower despite FDI approval in Lok Sabha

Updated: Thursday, December 6, 2012, 9:41 [IST]

Markets opened the day higher, giving a thumb-up to the approval of FDI in multi-brand retail in the Lok Sabha, but, soon drifted lower on profit taking.

The Sensex was trading lower by 123 points, while the Nifty lost 40 points to trade at 5860 points. Among the gainers in early trade were retail stocks which climbed following the Lok Sabha's approval for FDI in multi-brand retail. Pantaloon Retail was up 2.4%, Shopper's Stop was up 4%, while Brandhouse Retails was up 7% and Provogue was up 6%.

Index stocks that rallied in trade today were Tata Motors, Bank of Baroda, Jindal Steel and Jaiprakash Associates.

Technology stocks continued to drag the indices lower with Infosys trading lower by 1.15%, while TCS was down 0.5% and Wipro shed 15.

Reliance Industries was also down 1% which dragged the indices lower. Banking stocks which were in the limelight for the last few trading sessions shed ground with HDFC Bank, Axis Bank, Punjab National Bank and IOB amongst the losers.

Top index losers in trade were HCL tech, Kotak Bank, Wipro, Larsen and Hindalco.

Meanwhile, markets in Asia were trading higher mixed with the Hong Kong's Hang Sang and the Chinese Shanghai Composite trading higher, while the Japanese Nikkei trading higher.

Indian markets are expected to remain volatile ahead of voting for FDI in multi-brand retail in the Rajya Sabha.

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