Nifty rallies for 9th straight day; banking stocks fall

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Nifty rallies for 9th straight day; banking stocks fall
Indices
Sensex26,392.76Sensex Quote43.66 [0.17%]
Nifty8,138.35Nifty Quote9.60 [0.12%]
The Nifty rallied for the 9th straight session in a row as FIIs continued their buying spree, this time in technology stocks.

The Sensex ended the day higher by 60 points (provisional), while the Nifty closed the day higher by 17 points at another record closing of 6721 points. Among the top losers in trade were the banking stocks led by losses in private sector banking names like ICICI Bank, HDFC Bank and IndusInd Bank.

PSU banking stocks which have rallied substantially in the last few trading sessions gave up gains despite the RBI's Monetary Policy maintaining a status quo on interest rates. Stocks from the segment that dropped lower were IDBI Bank, State Bank of India, Syndicate Bank and Bank of Baroda.

Shares in Maruti Suzuki fell after the company's March sales dipped 5.5 per cent. The stock ended the day lower by 2 per cent.

Tech stocks saw some heavy buying support after witnessing a downtrend in the last few weeks. Notable gainers from the space were heavyweights including TCS and Infosys. Wipro and HCL Tech too ended the day with gains.

Heavyweight, ITC also ended the day lower, while Reliance Industries ended the day with gains.

Mid cap shares which rallied substantially in the last few trading sessions gave up gains. Top losers from the space was Ashok Leyland, Mcleod Russell and Siemens.

Meanwhile, most of the Asian markets ended the day higher led by strong gains in the Hong Kong's Hang Sang and the Jakarta Composite.

GoodReturns.in

Story first published: Tuesday, April 1, 2014, 14:50 [IST]
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