Sensex, Nifty end lower on profit taking

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Sensex, Nifty end lower on profit taking
The Sensex and the Nifty ended the day lower on profit taking and weak cues from Europe. The Sensex lost 126 points (provisional), while the Nifty shed 43 points in trade. Among the top losers from the Nifty were cement stocks including Ultratech Cement, Jaiprakash Associates and ACC. Other Nifty stocks that shed gains were NTPC, Jaiprakash Associates, DLF and Sesa Goa.

Auto stocks too saw some selling pressure with notable losers being Tata Motors and Maruti Suzuki. Top gainers in trade today were Bhel, Coal India, ICICI Bank and Bank of Baroda.

Technology stocks led gainers today, as the rupee continued to depreciate against the dollar. Notable losers from the technology space were TCS, HCL Tech and Infosys.

Coal India rallied in trade after the company reported a sharp jump in net profits. Reliance Infra ended the day lower after reports that the company is in the process of pulling out of mega projects worth 20,000 crore due to inordinate delays by government agencies in fulfilling commitments relating to these projects.

PSU banking stocks saw some selling pressure with notable losers from the space being Allahabad bank, State Bank of India and Union Bank of India.

The Voltas stock ended down 2 per cent after the Tata group firm reported a whopping decline of 91 per cent in consolidated net profit at Rs 9 crore for the quarter ended March 31, 2013.

Meanwhile, markets in Europe were trading marginally lower on fears that the Federal Reserve may unwind its Quantitative Easing programme.

Read more about: sensex, nifty
Story first published: Tuesday, May 21, 2013, 15:24 [IST]
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