Sensex, Nifty End Marginally Lower; Kotak Rallies 6%

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Benchmark indices ended the day lower as heavyweights, ITC, HDFC and HDFC Bank declined.

Sensex, Nifty End Marginally Lower; Kotak Rallies 6%
Profit booking was seen at higher levels after the Sensex rallied almost 500 points on Monday.The Sensex closed lower by 50 points, while the Nifty fell 11 points in trade.

Leading the set of gainers from the Nifty were metal stocks with Tata Steel and Hindalco rallying along with Vedanta.

Kotak Mahindra Bank rallied more then 6 per cent after the bank reported a superb set of quarterly numbers. Other banking stocks like Axis, ICICI Bank and HDFC Bank ended the day with losses.

IT Stocks ended the day mixed. TCS closed with gains after a foreign brokerage firm upgraded the target price on the stock. On the other hand Infosys, HCL Tech and Tech Mahindra were weak.

South Indian Bank ended the day lower after its results lagged estimates. PSU banking stocks had a weak session in trade with IDBI Bank, State Bank of India and Andhra Bank among the losers.

Unitech, Suzlon Energy and Reliance Communications were the top traded stocks on the National Stock Exchange.

Meanwhile, markets across Europe were trading with gains after recouping early losses. The German DAX, French CAC and the UK's FTSE were higher in trade.

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