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Markets end lower; HUL tanks post results
The Sensex ended the day with losses of 49 points (provisional), while the Nifty lost trade 21 points to end at 5886 points. Among the top losers from the Nifty were Hindustan Unilever, which slumped after the company's Q1 volume growth disappointed the markets. Punjab National Bank also fell after its non performing assets increased leaving investors worries.
Stocks that lent some support to the indices was ITC, which rallied after upgrades from some foreign broking outfits. Infosys also remained resilient to end the day in the green.
Banking stocks were once again battered with private sector names continuing to fall on worries over tight liquidity conditions. IndusInd and Yes Bank saw selling pressure along with most other PSU banks.
In fact, Bank of India which reported numbers that were better then expected lost ground and fell 4 per cent, as sentiments for banking stocks remained weak. Among the other PSU banks that ended the day with heavy losses were Oriental Bank, Union Bank of India and Syndicate Bank.
Wockhardt saw selling pressure once again in trade today after contents of the FDA letter to the company were revealed in a section of the media. The stock ended at the 10 per cent lower end of the circuit filter.
Meanwhile, markets in Asia ended the day with losses, except the Hong Kong's Hang Sang which ended with gains.
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