Nifty breaks five-day losing streak as banking stocks rebound

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Nifty breaks five-day losing streak as banking stocks rebound
Markets ended the day higher in trade, breaking a 5-day losing streak, despite weakness across Europe.

The Sensex ended the day flat, while the Nifty rallied 13 points in trade, led by a smart rally in banking stocks.

ICICI Bank and IndusInd Bank led private sector lenders, while Punjab National Bank, which reported a splendid performance for Q3 2013, jumped almost 5 per cent.

Canara Bank which reported net profits that were marginally below expectations also closed higher. Shares in HeroMotor Corp fell after markets were not impressed with the results of the company. The stock closed lower by almost 1.5 per cent.

Select real estate stocks were the star in trade today with Godrej Properties and Unitech rallying more than 4 per cent. Oberoi Realty also rallied after one of its projects, got environmental clearance.

Oriental Bank which reported results that were below expectations gained ground as sentiments for PSU banking stocks remained buoyant.

Top Nifty losers in trade today were Tata Motors, HDFC, Bharat Heavy Electricals and NTPC. Government owned telecom major, MTNL saw its stock jumping 7 per cent, after the government is expected to meet later today to discuss ways to monetize assets of the telecom company.

Meanwhile, European markets were trading lower and were on track to record losses for the month of Jan, 2014. The German DAX was down 0.70 per cent, while the French CAC and the UK's FTSE were also trading with losses.

Story first published: Friday, January 31, 2014, 14:33 [IST]
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