Markets end flat; PSU banking stocks hammered

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Markets end flat; PSU banking stocks hammered
Markets broke a 7-day losing streak, as gains in fast moving consumer goods, pharma and telcom stocks saw indices ending in the green.

The Sensex closed the day with gains of 11 point (provisional), while the Nifty gained  7 points in trade. Shares in Indian Overseas Bank, Syndicate Bank and Oriental Bank of Commerce fell after Moody's downgraded the Standalone Bank Financial Strength Rating (BFSR) for these public sector banks

Shares in Syndicate Bank slid by more then 4 per cent at to Rs 107, while Indian Overseas Bank dropped 2 per cent and Oriental Bank of Commerce also lost 1 per cent.

Top Nifty losers in trade was Reliance Infra, which dropped 6 per cent, while other losers were GAIL, DLF, Siemens, Ambuja Cement and Reliance Industries.

Shares in Larsen and Toubro fell 2 per cent in trade. Earlier, the company said in a statement that it has entered into a non binding term sheet for the merger of L&T General Insurance Company with Future Generali India Insurance.

Realty stocks continued to be dragged lower with most of the majors in the sector dropping. DB Realty, Oberoi Realty and Unitech Ltd all shed more then 3 per cent in trade today. The Nifty mid cap index conti9nued to head lower with stocks like GMR Infra, IFCI, Steel Authority and Welspun pulling it lower.

FMCG stocks ended the day with gains as investors once again took shelter in defensive like pharma and FMCG. Shares from the sector that notched gains were ITC, Hindustan Unilever, Marico and Godrej Consumer.

Meanwhile, most of the Asian markets ended the day with gains, while Europe was trading firm. Indian markets would be closed on Wednesday on account of Holi. The week is a truncated one with markets also closed on Friday for Good Friday. Thursday is expiry of the Options and Futures segment.

Read more about: sensex, nifty
Story first published: Tuesday, March 26, 2013, 15:01 [IST]
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