Nifty ends lower for 6th straight day; banks drag again

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, July 31, 2013, 15:33 [IST]

The Nifty ended the day lower for the sixth straight session led by declines in banking stocks and heavyweights like HUL and ITC. The Nifty closed lower by 13 points. IT stocks helped support the Sensex along with heavyweight ONGC, which rallied in trade after slumping almost 4 per cent in trade on Tuesday.

Banking stocks were the worst performers in trade with private sector banks like ICICI Bank and HDFC Bank falling. Yes Bank and IndusInd, however, saw sharper cuts as investors dumped both the stocks.

PSU banking stocks also bore the brunt of weak sentiments for the banking sector. Andhra Bank tanked 7 per cent, following disappointing set of numbers. Other PSU banking stocks that fell sharply were Dena Bank, and Indian Overseas Bank. However, there was also value buying at lower levels in banking stocks like Bank of India and Union Bank of India.

Wockhardt, which was locked at the lower end of the circuit filter on Tuesday, ended the day with losses of 1 per cent. Gitanjali Gems continued to remain locked at the lower end of the circuit filter.

Software stocks were in the limelight today following good results from HCL Tech. The stock ended the day higher by 4 per cent, while TCS was also up more then 1 per cent.

Bharti Airtel also rallied in trade today, after the company reported a sterling performance. The stock ended the day with gains of more then 6 per cent.

Meanwhile, markets in Europe were trading flat ahead of a crucial Fed meet which is likely to make an announcement on Monetary Policy later today.

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