Markets End The Day Lower; Witness First Drop Since Budget Day

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Benchmark indices ended the day flat, with the Nifty breaking a 4-day winning streak, following weak cues from across Europe. Poor Chinese trade data, hit European mining stocks hard, dragging down European and Indian markets as well.

The Sensex ended the day with gains of 12 points, while the Nifty dipped 0.25 points in trade. Leading the set of losers in trade were Banking stocks, following selling pressure after the conclusion of the 2-day Gyan Sangam meet.

 Markets End The Day Lower; Witness First Drop Since Budget Day
State Bank of India and ICICI Bank were the biggest losers, which also dragged the benchmark indices lower. Apart from banking stocks Maruti, Larsen and Toubro, Hindustan Unilever and Bhel dragged the markets lower.

Syndicate bank dropped 3 per cent, after reports that some of the CBI carried out searches at 10 locations in Jaipur, Udaipur and Delhi in connection with alleged fraud of Rs.1,000 crore in Syndicate Bank.

Metal stocks led the gainers in trade with Vedanta and Hindalco gaining ground, while heavyweight ITC and Reliance were the other gainers in trade.

Oil and gas stocks saw some buying support with notable gainers being Cairn India and ONGC. Select mid cap stocks saw some huge selling pressure with Just dial down 14 per cent and Sun TV dropping 2 per cent.

Meanwhile, markets across Asia ended the day with losses, while most of Europe was trading lower. The German DAX, French CAC and the UK's FTSE.

Read more about: sensex, nifty
Story first published: Tuesday, March 8, 2016, 14:36 [IST]
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