Markets end lower; PSU banking stocks rally

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 Markets end lower; PSU banking stocks rally
Markets ended the day flat in a session that was rangebound for most of the day. The Sensex ended the day marginally higher by 51 points, while the Nifty gained 19 points.

Among the top gainers in trade today were Punjab National bank, which rallied spectacularly, following a good set of numbers. The stock ended the day higher by 5 per cent, after the bank reported a drop in gross non performing assets. Shares in another government owned bank, Union Bank also rallied after the company reported a better then expected profitability numbers.

All other public sector banking stocks rallied including State Bank, after the sharp rally in PSU banking names.

Software stocks were in the limelight following a decent financial performance by Cognizant. Tata Consultancy Services rallied 1.5 per cent, while Infosys was up by 0.50 per cent and HCL tech by more then 2 per cent. Other nifty stocks that gained were IDFC, NTPC, DLF, Mahindra and Mahindra and ACC.

Top losers from the Nifty pack were NMDC, Axis Bank, Jindal Steel, NMDC and Sun Pharma. ITC which rallied in the last few days ended the day flat, even as investors took long positions in the stock.

Among the mid cap stocks Reliance Power gained 4 per cent, while Bata India and Adani were the other gainers in trade.

Among the losers from the mid cap space was Apollo Tyres, Bharat Forge and Aurobindo Pharma. Meanwhile, markets in Asia ended the day mixed with the Hong Kong's Hang Sang and the Japanese Nikkei declining, while the Korean Kospi gained.

Read more about: sensex, nifty
Story first published: Thursday, May 9, 2013, 15:06 [IST]
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