Markets end lower; risk aversion back to the fore

Updated: Wednesday, October 10, 2012, 15:38 [IST]

Indian markets seem to have lost their momentum as risk aversion continues to occupy center stage against the backdrop of weak global growth.

The Sensex ended the day lower by 162 points, while the Nifty shed 52 points to closed the day at 5652 points. Among the top losers in trade were DLF, which shed more than 5%, following allegations of dealings with Sonia Gandhi's Son-in-Law Robert Vadra. The company lost ground for the third successive trading session in a row.

India's largest private sector company Reliance Industries remained resilient in trade despite reports that the company would exhaust its KG D6 block reserves in the next few years.

Kingfisher Airlines was stuck at the lower end of the circuit filter, after fresh problems re-surfacing with the DGCA.

Shares of Tata Steel ended the flat, despite poor market sentiments after reporting record production output.

Among the Nifty shares that lost ground in trade were Siemens, IDFC, State Bank of India and IDFC. Banking shares were subdued in trade with private sector lenders HDFC Bnk, ICICI Bank and Axis Bank losing ground. PSU Banking stocks too lost ground in line with the weak market trend with Allahabad Bank, Canara Bank and IOB amongst the term losers.

Markets are expected to remain volatile ahead of the earnings season that kicks-off with the results of Infosys.

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