Markets drop for the third day in a row

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Markets ended the day lower for a third straight session as FII favourites HDFC and HDFC Bank shed gains. The Sensex ended the day lower by 58 points, while the Nifty ended the day lower 19 points.

Worries over a falling rupee and two days of negative FII flows contributed to the decline. Among the top gainers in trade from the Nifty were Pharma major including Cipla, Dr Reddy's and Ranbaxy Laboratories. Other notable gainers from the space were Power Grid and Tata Steel.

Larsen and Toubro rallied on hopes that its subsidiary would be getting a licence following the issue of clarification on banking licenses by the RBI.

Infosys which had surged after the re-appointment of Narayana Murthy as its Chairman lost ground in trade today on profit booking. Other prominent losers were Sesa Goa, Sun Pharma and NMDC.

PSU Banking stocks continued to be dragged lower on worries over asset quality. Among the prominent losers from the space were Syndicate Bank, Union Bank, Indian Overseas Bank and IDBI Bank.

Real estate stocks were also at the receiving end with losers being Oberoi, Unitech and Sobha Developers.

Auto stocks which were hammered in trade on Monday saw some buying support with Mahindra and Mahindra ending higher, while Maruti lost some ground.

Meanwhile, markets in Asia ended the day with gains, leaving the Chinese markets which ended with huge losses.

Markets are expected to be rangebound and track global markets for further cues.


Read more about: sensex, nifty
Story first published: Tuesday, June 4, 2013, 15:18 [IST]
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