Nifty ends lower for 5th day in a row

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Nifty ends lower for 5th day in a row
Indian markets ended the day flat even as high WPI inflation data dampened sentiments in trade. The Sensex ended the day lower by 50 points (provisional), while the Nifty ended the day lower by 13.70 points.

PSU banking stocks were weak in trade today on the back of higher then expected inflation data, which raised worries that the Reserve Bank of India (RBI) would hike rates in its forthcoming Monetary Policy.

Among the stocks from the sector that were weak in trade included Allahabad Bank, Union Bank and Oriental Bank of Commerce.

Stocks that gained ground in trade were Infosys and Larsen and Toubro. ICICI Bank and Coal India were the other shares that saw buying interest in trade today.

Mid cap stocks also had a good session with buying interest in stocks like Bharat Forge, Hindustan Zinc, MRF and Steel Authority of India.

Real estate stocks also lost ground on worries that the RBI would hike rates. Sobha Developers lost as much as 4 per cent, while other notable losers were HDIL and Unitech.

Shares of Glaxo Smithkline Pharma was the star performer in trade today, as the stock jumped 20 per cent, following the parent company's open offer plans for hiking a stake in the company at a price of Rs 3100.

Meanwhile, markets around the globe continued to be plagued by worries of QE3 tapering. Most of the Asian markets closed sharply lower in trade. The Shanghai Composite ended lower more then 1 per cent in trade, while the Japanese market was down 1.62 per cent in trade.

Story first published: Monday, December 16, 2013, 14:10 [IST]
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