Nifty ends lower for sixth straight day

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Nifty ends lower for sixth straight day
Markets were once again subdued in trade despite a recovery in the rupee on continued weak sentiments across the globe. The Nifty ended lower for the sixth straight session thanks to selling in heavyweights including TCS, ITC and HDFC. Weak IIP data also contributed to the fall in the Nifty to the extent of 28 points.

Software stocks in general were weak following a recovery in the rupee. Jindal Steel and Power which was hammered in trade on Tuesday recovered ground and ended the day higher.

Other notable Nifty gainers were Jaiprakash Associates, IDFC, BPCL, Lupin and DLF. PSU banks were among the gainers in trade today with all of the banks forming part of the PSU banking index gaining. Among those that gained in trade were Allahabad bank, Andhra Bank, Oriental Bank of Commerce, Union Bank of India and Syndicate Bank.

Jewellery stocks were hammered in trade on gold import and other norms. TBZ, P C Jeweller and Titan fell sharply in trade.

Real estate stocks saw some buying support after the recent hammering with the notable gainers from the space being Unitech and DLF. Oberoi Realty, however, dropped and ended the day lower.

Mineral and Metal Trading Corporation crahed to a 52-week low on the proposed stake reduction programme of the government.

Mahindra Satyam rallied in trade after the Andhra Pradesh High Court approved Mahindra Satyam-Tech Mahindra merger, subject to conditions.

Read more about: nifty, sensex
Story first published: Wednesday, June 12, 2013, 15:11 [IST]
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