Nifty Ends The Day Flat’ PSU Banking Stocks Rally

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, August 3, 2015, 15:44 [IST]

PSU Banking stocks led gainers in trade today with Bank of Baroda, Punjab National Bank and State Bank of India seeing heavy rally in trade today on hopes that non performing assets may have peaked for PSU banking stocks and capital infusion by the government.

The Nifty ended the day with marginal gains of 10 points, while the Sensex ended the day with gains of 72 points.

Shares in HCL Tech tanked a huge 5.6 per cent after its results lagged estimates. Larsen and Toubro also dropped in trade after its reports largely disappointed the markets.

Metal stocks continued to be pounded with Vedanta dropping 2 per cent and NMDC hitting a new 52-week low.
HDFC and HDFC Bank were the major losers in trade after investors sold these names, shifting their focus to public sector banking names.

Shares in Maruti surged after the company reported a solid 20 per cent growth in sales for the month of July.
SUN TV rose a huge 8 per cent after Citi upgraded the stock to a buy. The stock ended higher for the 4th straight day.

Meanwhile, markets across Asia ended the day with losses, while most of Europe as trading with marginal gains.

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