Sensex Ends Lower; Markets Tentative On GST Passage

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Monday, August 1, 2016, 15:32 [IST]

Benchmark indices ended the day flat, even as markets surged in early morning trade, on hopes that the GST would be passed in the Rajya Sabha this week.

This led to some serious buying in early morning trade, only for selling pressure to return towards the afternoon session.

Today's losses were despite a strong session elsewhere across Asia and the other European markets. Banking stocks were the biggest losers in trade with ICICI Bank dropping 4 per cent, following a poor set of quarterly numbers.

The Sensex ended the day with losses of 48 points, while the Nifty dropped 2 points in trade. Leading the set of gainers in trade were stocks from the IT sector.

TCS and Wipro were the top gainers in trade, while other stocks that gained ground were Tata Steel and Hindalco. Shares in Maruti ended the day higher by 2 per cent, after the company's July sales were up almost 12 per cent.

Quess Corp, which got listed recently was the star in trade after the company reported a superb set of quarterly numbers. The stock ended 11 per cent higher in trade.

Diamond Power was another stock that had a good session and ended higher by 10 per cent, after reports that China's Jiangsu is to buy majority stake in the company.

Meanwhile, of Europe was trading with gains led by the German DAX and the French CAC. Asian markets led by the Japanese Nikkei clsoed mostly higher.

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