Sensex Ends Higher Despite Global Weakness; PSU Banking Stocks Fall

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Benchmark indices ended the day higher, even as global markets fell, following weak cues from across Asia.

The Sensex ended the day with gains of 165 points, after trading firmly in the negative for most of the day. The Nifty ended higher by 45 points.

 Sensex Ends Higher Despite Global Weakness; PSU Banking Stocks Fall
PSU Banking stocks were the hardest hit as most banks that reported results, showed a poor quarterly performance.

Bank of Baroda crashed 8 per cent, while most other PSU banks fell anywhere between 2-5 per cent. Union Bank, which along with Bank of Baroda reported poor results crashed 6 per cent in trade, while other notable losers were Canara Bank, State Bank of India and Syndicate Bank.

Top Nifty gainers in trade were ITC, Dr Reddy's and Bosch. Shares in Raymond gained after after reports that the company is in talks with overseas private equity funds KKR & Co and Blackstone to sell 20 per cent stake in its branded apparel business.

Ahluwalia Projects rallied after the company secured new projects worth of Rs. 492.65 Crores across its activities.

Oil exploration major ONGC declined after oil prices dropped in trade. Oil India too fell, following the drop.

Meanwhile, most Asian markets ended the day with gains led by the Shanghai Composite and the Hong Kong's Hang Sang.

The rupee was last trading at Rs 66.90 to the US dollar.

Read more about: sensex, nifty
Story first published: Monday, May 16, 2016, 14:51 [IST]
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