Markets end flat; HCL Tech rallies

Updated: Thursday, June 6, 2013, 15:31 [IST]

Markets staged a smart rally to close flat after having lost significant ground in morning trades, on weak global cues.

The Sensex ended the lower by 56 points (provisional), while the Nifty lost 2.45 points in trade. Among the top gainers that pushed the indices higher were banking names like Axis Bank, ICICI Bank and Bank of Baroda. Other notable gainers from the Nifty were HCL Tech, Reliance Infra and DLF.

Real estate stocks which dropped on Wednesday over worries that the new Real Estate Regulatory Bill may dent margins, recovered with most of the stocks from the sector ending with gains.

Among the top Nifty losers in trade were Bharti Airtel, Lupin, NTPC and Sun Pharma. PSU banking shares which saw heavy selling pressure in trade over the last few days saw buying interest at lower levels. Prominent gainers from the space were Andhra Bank, IDBI Bank, Syndicate Bank and Union Bank of India. However, Allahabad bank dropped in trade after the company's shares went ex-dividend.

Reliance Industries was subdued in trade today, despite Mukesh Ambani sounding optimistic over E&P activities and retail activities at the company's AGM.

The technology pack ended the day with gains, except Infosys where investors continued to worry if Narayana Murthy would revive fortunes at the company.

Pharma stocks were weak in trade on worries over quality and other issues at company's like Ranbaxy. Meanwhile, most of the Asian markets ended the day with losses of more than 1 per cent.

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