Sensex, Nifty end lower as tech stocks fall

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Sensex, Nifty end lower as tech stocks fall
Indices
Sensex26,349.10Sensex Quote118.44 [0.45%]
Nifty8,128.75Nifty Quote41.95 [0.52%]
The Sensex and the Nifty ended the day lower on the back of weak global cues with tech stocks dropping leading declines on the both the exchanges.

The Sensex ended the day lower by 184 points, while the Nifty lost  63 points in trade. Infosys slumped three per cent after UBS downgraded the stock to "sell" on growth concerns. TCS, Tech Mahindra, HCL Tech and Wipro were the other losers.

Other Nifty stocks that fell in trade were Bharti Airtel, Larsen and Toubro and Hindalco. Some non index stocks were on fire with Gujarat Pipavav gaining as much as eight per cent after the company reported a superb set of results.

Shares in transport company GATI also ended the day higher after the company reported a good set of results. Banking stocks had a mixed day in trade with State Bank of India, Axis Bank and IndusInd Bank closing higher.

However, Allahabad Bank and Syndicate Bank both slumped after the results were way below expectations.
Infrastructure major, IRB Infrastructure Developers gained after the company received a Rs 2300 crore Kaithal-Rajasthan border project from National Highways Authority of India.

Mid cap stocks ended the day higher with notable gainers being IFCI, UPL, CESC and Bata India.

Meanwhile, markets across the globe were trading with losses as escalation in Ukraine saw some selling pressure. The Hong Kong's Hang Sang and the Shanghai Composite were among the prominent losers in trade.

GoodReturns.in

Read more about: sensex, nifty
Story first published: Wednesday, May 7, 2014, 14:38 [IST]
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