Nifty breaks winning streak; ends lower

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, May 29, 2013, 15:33 [IST]

Markets ended the day lower after gaining for 4 successive trading sessions, with the Sensex closing the day lower by 29 points (provisional), while the Nifty lost 7 points in trade.

Among the top gainers in trade today was Sun Pharma which rallied more then 7 per cent on a spectacular set of results.

Tata Motors ended the day higher ahead of its results to be declared later today. Other notable gainers were Hero Motor Corp, Lupin, Coal India, Cipla, Power Grid, Hindustan Unilever and ITC.

The technology pack which was ruling firm ahead of in morning trades on the back of a falling rupee ended the day with losses. TCS and Infosys led declines.

Sun TV ended the day higher following an OFS offer which opened today. The company had set a floor price for OFS at Rs 403/share.

The realty pack continued to see some losses on profit booking with notable losers from the space being Sobha Developers and Unitech. Mumbai based real estate HDIL slumped after the company reported losses for the quarter ending March 31, 2013.

NHPC slumped more then 3 per cent in trade after the company's Q4 net profit declined sharply to Rs 583.3 crore.

PSU banking stocks were weak in trade today with notable losers from the space being Andhra Bank, Canara Bank and Union Bank.

Meanwhile, markets in Asia ended the day lower led by smart gains in the Korean, Japanese and Singapore markets.

Markets are expected to remain volatile during the remaining part of the week as Thursday is expiry and Friday GDP numbers would be unveiled.

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