Sensex rally fades; markets ends lower

After rallying almost 250 points in early trade, the Sensex and the Nifty ended the day lower, after selling pressure in IT stocks pulled indices lower.

The Sensex ended the day lower by 60 points (provisional), while the Nifty lost 14 points in trade.

In fact, most of the banking stocks ended the day higher with the Bank Nifty earlier touching a 1-month high.

Among the stocks from the sector that surged in trade today was Union Bank of India, State Bank of India, Bank of Baroda. Yes Bank which had gained sharply following a good set of Q2 numbers lost ground in trade today.

The stocks that were weak in trade were the technology stocks with HCL Tech shedding 3.74%, while Wipro fell more then 2%.

Metal stocks that had rallied sharply in trade gave up gains in late afternoon trade. Among the stocks that lost ground were Jindal Steel, Coal India and Tata Steel.

Bajaj Auto shares which were up after reports that the firm will launch 100 cc bike and 2 more discover bikes, dropped later in trade.
Metal stocks rallied on reports of better then expected PMI data from China.
Pharma stocks were taking a breather after a sharp rally in the last few months. Most of the stocks were trading flattish with a slight negative bias.
Jet Airways which saw its losses jump 8-fold, lost 1.2 per cent in trade. Kotak Mahindra Bank on the other hand gained after its profits met expectations.

Meanwhile, Asian markets ended the day mixed, while European markets were trading with gains.

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