Among the losers in trade from the Nifty stocks were GAIL, Tata Power, Lupin and Larsen and Toubro. On the other hand stocks that gained included State Bank of India, Bharti Airtel and Wipro. The top performing stocks from among the Nifty was Tata Motors which surged more than 5% following an impressive set of numbers.

Among non-index stocks Ind-Swift dropped more than 6% after the company posted a Q2 net loss of Rs.27.3 crores as against profit of Rs 11 crores.

Shares of Lakshmi Vilas Bank's fell 2.24% after net profit of the bank fell 38% YoY to Rs 18 crores. PSU banking stocks once again saw a smart rally on sustained buying with Allahabad Bank, IDBI Bank, Syndicate Bank and IOB amongst the gainers. Private sector banks dropped marginally with HDFC Bank, ICICI Bank and Axis Bank amongst the losers.

Meanwhile, markets in Europe were trading significantly higher after the Greece parliament passed austerity measures by a thin majority.

Asian markets ended deeply in the red following poor overnight cues from the US.

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