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Sensex, Nifty End Flat; PSU Banking Stocks Surge
Markets ended the day flat after trading in the negative for most of the day.
The Sensex closed the day lower by 45 points, while the Nifty lost 11 points in trade. Leading the set of gainers were PSU banking stocks like Oriental Bank of Commerce, Union Bank of India and Indian Bank which jumped sharply. This was largely to do with the improving asset quality of most of the PSU Banks. Also, WPI inflation data fell sharply raising the prospects of an interest rate cut outside the RBI's policy meet.
Private sector banks, however, saw a more subdued trend with ICICI Bank and Axis Bank ending the day flat.
Blue chip stocks saw a decline in trade led by HDFC, Infosys, Sun Pharma, Tata Consultancy and Larsen. The biggest loser from the Nifty was Vedanta which dropped sharply in trade. Hindalco and Bajaj Auto were the top Sensex gainers today.
Shares in MAN Industries surged a huge 14 per cent after the company received an export order. Nitesh Estates on the other hand gained after the company purchased a mall in Pune for Rs 250 crore.
Meanwhile, markets across Asia ended the day with losses, while Europe was trading with marginals gains.
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