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Nifty ends lower for fourth day in a row
The Sensex ended the day lower by 10 points (provisional), while the Nifty also lost 10 points in trade. Among the top losers that pushed indices lower was Asian Paints, Ranbaxy Laboratories, Sesa Goa, Axis Bank and Indusind Bank. Heavyweight, ITC which was down in morning trade saw some buying support emerge towards the last hour of trade.
Technology stocks were a big drag on the indices today with Wipro, Infosys Technologies and Tata Consultancy services losing ground. Infosys is set to declare its results later this week. The stock had run up substantially following its 3rd quarter results.
The Bank Nifty ended the day in the red as institutions sold banking stocks over worries of non performing assets in the sector. Axis Bank, Bank of Baroda, Canara Bank and Union Bank all lost more then 2 per cent in trade today.
TVS Motors was the star performer in trade today with the stock jumping more then 7 per cent after reports of a likely tie-up with the BMW Group.
Investors continued to hide in defensives like pharma, which saw pharma stocks rallying and the CNX Pharma index ending higher. Among the pharma stocks that rallied were Dr Reddy's, Divis and Glenmark.
BHEL also rallied in trade today after the company put in a better then expected financial performance. Markets are expected to move in a narrow range along with global cues. No major triggers are expected in the next few days until the results of Infosys.
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