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Sensex ends flat on profit booking in banks

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 Sensex ends flat on profit booking in banks
Markets ended the day flat after stellar set of gains in the last few sessions, as investors chose to book profits in frontline stocks. The Sensex ended the day higher by 8 points (provisional), while the Nifty gained 2 points in trade today.
 

Banking stocks saw selling pressure through out trade as investors sold into these counters after having witnessed handsome gains in the last few trading sessions. Notable losers from the space were State Bank of India, Allahabad Bank, Canara Bank and IDBI Bank. HDFC Bank which came out with a stellar set of Q4 numbers saw the stock price drop as analysts remained concern over the valuation of the stock.

Reliance Industries ended the day on a strong note, following allocation of oil and gas blocks by the government.

Shares in Reliance Communications (RCom) fell today as Bharti Airtel inked a deal with Reliance Jio for use of Bharti Airtel's submarine cable network to provide data connectivity across Asia Pacific.

Cairn India also saw selling pressure after the company's Q4 profit fell by 23.4 per cent quarter-on-quarter to Rs 2,563 crore, but rose 17.2 per cent year-on-year.

MIC Electronics shares rose 4 per cent after the company entered into a strategic alliance alliance with Chinese company Leyard Optoelectronics.

Realty stocks also took a breather today with shares of DLF, Parsvnath and Anant Raj dropping in trade.

Meanwhile, markets in Europe continued to trade with gains except the German DAX, which was trading with marginal losses.

Most of the Asian markets ended the day with losses after China's PMI data disappointed. India's markets will remain closed on Wednesday for Mahavir Jayanthi.

GoodReturns.in

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