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Sensex ends lower on futures expiry day; PSU banks rally

Sensex ends lower on futures expiry day; PSU banks rally
Markets ended the day lower in trading today on the last day of Futures expiry for the January series. The Nifty closed the day with losses of 21 points, while the Sensex lost 110 points in trade.

Among the prominent gainers today were the PSU banking stocks which rallied sharply following a spectacular set of results from Punjab National Bank and Union Bank. Other PSU banking gainers included Bank of Baroda, Canara Bank and Oriental Bank.

Nifty stocks that lost ground today were Tata Power, Sesa Goa, Grasim, Ranbaxy, Reliance Industries, Jindal Steel and Ranbaxy Laboratories.

ICICI Bank which reported a healthy increase in net profits saw its share price dropping by more than 1 per cent on profit booking.

Realty major DLF saw buying interest after the company managed to sell another non core asset in order to exit its non core business.

Bharti Infra a subsidiary of Bharti Infratel dropped after the company's results failed to meet market expectations.

IT stocks ended the day soft, following a smart rally in the rupee. IT stocks that lost ground in trade today were Wipro, TCS, Infosys, MindTree, Polaris and CMC.

Metal stocks also came in for some selling pressure today with Jindal Saw, Nalco, Sterlite Industries, Hindalco, and Sesa Goa dropping.

The Mid Cap index closed the day with gains thanks to sharp jump in mid size PSU banks.

Meanwhile, markets in Europe were trading with losses following poor GDP numbers reported by the US. The German DAX, the French CAC and the UK's FTSE were all trading in the red.

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