Markets End Flat; European Stocks Surge

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Benchmark indices ended the day higher, as European stocks surged, despite mixed cues from across Asia.

The Sensex ended the day higher by 34 points, while the Nifty ended higher by 2 points.

Markets End Flat; European Stocks Surge
Leading the set of gainers in trade were metal stocks led by Hindalco and Vedanta.

Hindustan Unilever saw good buying interest in trade and the stock was up 2 per cent.

HDFC, Cipla and ITC were the other losers in trade. Shares in Tata Steel was the biggest loser in trade, as the UK's pound dropped sharply against the US dollar. IT companies also saw big losses in trade, led by Tata Consultancy Services and Infosys on worries that these companies could see some affect from the Brexit.

Shares in Punjab National Bank, which have gained as much as 50 per cent in the last 1 month rallied 3 per cent on reports that PNB Housing Finance, a subsidiary of the company has got an in principle approval for its IPO.

Bharat Forge shares dropped after reports that the class 8 truck orders for June were down 34 percent YoY. Among the smaller cap stocks, Educomp Solutions jumped as much as 7 per cent after reports that its subsidiary has completed the sale of its land and building.

Meanwhile, markets across Europe rallied in trade, with the German DAX up 1 per cent, while other notable gainers were the French CAC and the UK's FTSE.

The rupee was last trading at 67.22 to the US dollar. Check all global currency rates here

Read more about: sensex, nifty
Story first published: Thursday, July 7, 2016, 15:08 [IST]
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