Nifty ends lower; loses 400 points in 8 straight days of decline

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Nifty ends lower; loses 400 points in 8 days of fall
Nifty ended the day lower for the 8th consecutive trading session, as metals melted, banking stocks were crushed and real estate cracked under severe selling pressure.

The Nifty ended the day lower by 50 points, while the Sensex closed lower by 153 points. Almost all of the Nifty stocks declined, except the resilient technology stocks, pharma stocks and Reliance Industries.

The maximum price damage was in the metal and power sector with Jindal Steel dropping 8% and Power Grid falling 11 per cent. Other metal and power stocks that collapsed were Tata Power, Sterlite Industries, Tata Power and Tata Steel.

Banking stocks which have been hammered out of shape, following the RBI's recent moves to suck liquidity crumbled in trade. ICICI Bank, Kotak Mahindra and Yes Bank were the stocks that lost ground from the private sector banking space. The worst hit were the PSU Banking stocks with Syndicate Bank closing almost 9% lower, while Bank of Baroda, Bank of India and Canara Bank lost 5% each.

Among the stocks that gained ground in trade were the technology and pharma stocks. Tata Consultancy Services, Infosys, Ranbaxy Labs and Cairn India were among few of the gainers in trade.

FMCG stocks that were supporting the market also gave up gains with Hindustan Unilever losing as much as 4% in trade. ITC added to the otherwise bearish sentiments in the markets.

HCC rallied 20% and was locked at the upper end of the circuit filter after the company turned profitable for the quarter once again.

In Asia most of the markets closed higher, while most of Europe was trading with gains.

Read more about: nifty, sensex
Story first published: Friday, August 2, 2013, 14:40 [IST]
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