Markets end flat; banking stocks gain

Updated: Wednesday, September 11, 2013, 15:32 [IST]

Markets ended the flat after trading lower for most part of the day. The Nifty on strong recovery in the rupee.

The Nifty gained 16 points in trade today to close at 5913 points. PSU Banking stocks were the stars in trade today with most of the stocks rallying between 5-10%.

Heavyweights, like HDFC, ITC and Tata Motors which had a spectacular rally on Tuesday were subdued in trade today. Top losers from the Nifty was Power Grid Corporation, Tata Motors, Cipla, Hindustan Unilever, Bhel and Kotak Mahindra.

Bharti Airtel which had rallied sharply on Tuesday following the lowering of spectrum charges lost ground in trade today. The stock ended lower by 2%.

ONGC also ended the day lower on uncertainty over the diesel price hike. The stock had rallied in the last week on hopes that there would be a sharp increase in diesel prices.

Technology stocks ended the day mixed with TCS gaining ground on reports of a contract for Scandinavian Airlines, while Infosys lost ground as the rupee strengthened against the dollar.

Metal stocks had a good day on hopes that a recovery in China would increase demand for metals. Tata Steel, NMDC, Jindal Steel and Hindalco were among the gainers in trade today.

Meanwhile, Asian markets ended the day mixed in trade. The Seoul Composite and the Shanghai Composite ended higher, while the Hang Sang and the Jakarta Composite ended lower.

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