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Markets end lower; breaks four days winning streak

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Markets end lower; breaks four days winning streak
Markets ended the day lower breaking a four day winning streak as investors booked profit and sold banking names, particularly the private sector banking names.
 

The Sensex ended the day lower by 211 points (provisional), on sustained selling in stocks almost throughout the day. The Nifty lost points 62 points in trade, after a spectacular rally of almost 10% in 4 days.

A dip in the rupee after a sharp rally also prompted investors to sell. Among the worst hit in trade were the private sector banking names with Yes Bank dropping sharply by almost 8 per cent, while IndusInd Bank also lost 3%. Other private sector banking names that lost ground were ICICI Bank, HDFC Bank and Kotak Mahindra Bank.

Blue Chip FMCG stock Hindustan Unilever shed 3 per cent in trade despite reports that the company had hiked prices across some of its products.

Surprisingly software stocks which have been supporting the market also fell in trade with TCS and Infosys among the losers.

Jaiprakash Associates which sold its Gujarat Cement plan to Ultratech failed to find any buyers. The stock was down 10% in trade, while Ultratech ended the day flat.

IDFC was among the few stocks that gained in trade after the RBI allowed a hike in FII holding in the company. The stock gained 2% in trade.

Mid cap stocks which had an excellent session on Wednesday gave up gains and plummetted. Among the stocks that lost heavy ground from the space were Opto Circuits, IFCI, Karnataka Bank and GMR Infra.

Gas Authority of India and Tata Power were the only Nifty stocks that managed to remain resilient in a falling market.

Meanwhile, most of Asia ended the day with gains except the Japanase Nikkei which ended the day marginally lower.

GoodReturns.in

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