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Closing Bell: Market Erases Early Gains To End Lower; Sensex & Nifty Plummet; HDFC Bank & ICICI Bank Weigh
Nifty rallies on global cues, rupee gains
Among the top gainers in trade was Sun Pharma which jumped on hopes that a drop in the rupee would boost export earnings. Other shares that climbed in trade were Power Grid Corporation, Bank of Baroda and Reliance Infra. Infosys also rallied ahead of its quarterly earnings to be delivered later this week.
Shares from the PSU Banking space gained following short covering in these stocks. Bajaj Auto like Sun Pharma jumped more then 2 per cent in trade on hopes that a fall in the rupee would boost its export earnings.
FMCG Hindustan Unilever was among the few Nifty stocks that saw profit taking with the stock ending the day lower.
Other Nifty stocks that were under pressure were Coal India, Jindal Steel, Mahindra and Mahindra and Bharti Airtel. Maruti fell in trade on reports that it was cutting production of its diesel vehicles.
Banking stocks which were hammered in the last few days saw some buying support emerge at lower levels. Among the stocks from the space that gained were Canara Bank, Yes Bank, Indusind Bank and IDBI Bank.
Realty stocks also ended the day with gains with movers from the space being Indiabulls, Anant Raj and HDIL.
Mid Cap stocks also did well in trade with Karnataka Bank jumping 5% and Havells rising 4%. Meanwhile, markets in Asia ended the day with gains led by strong recovery in the Japanese and Taiwan markets.
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