Markets Trade Lower On Weak Global Cues; PSU Banks Fly

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Tuesday, July 5, 2016, 9:57 [IST]

Benchmark indices were trading lower once again with most high beta names, seeing selling pressure.

Asian cues were weak with the Japanese Nikkei and the Hang Sang lower in trade. Hopes of a stimulus across the globe following the Brexit, was what sparked a rally across global markets. The Bank of England has indicated that it could provide more stimulus in the light of the recent Brexit.

The Sensex was trading with losses of 30 points, while the Nifty was down 12 points in trade.

Among the stocks that gained ground in trade were those from the PSU Banking stocks.

Syndicate Bank jumped 4 per cent in trade, while other notable gainers were Andhra Bank, which gained 4 per cent, while other winners were Dr Reddy's Labs ITC and Coal india.

Top Sensex losers in trade were Coal India, Hindustan Unilever, Mahindra and Mahindra and Maruti Suzuki.

Among non index stocks Southern Bitoech surged after the company said that it has received order to supply 14544 kilo litres of bio diesel to Andhra Pradesh state road transport.

Midcap stocks were also having a good session in trade with notable gainers from the space being most of the PSU banking names like Bank of India, Union Bank etc.

Meanwhile, markets across the globe were trading with losses led by the Japanese Nikkei and the Shanghai Composite.

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