Markets end lower after trading in a tight range

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Markets end lower after trading in a tight range
Markets ended the lower after trading in a tight range with the Sensex closing the day lower by 166 points and and the Nifty ending the day lower by 49 points in trade.

Among the top losers in trade were Tata Steel, Bharti Airtel and ICICI Bank.

Oil marketing companies which had fallen in the last few trading sessions gained ground in trade today. BHEL, which had rallied sharply in the last few trading sessions lost ground. On the other hand BPCL was the top gainer from the Nifty rallying almost 7%.

Wipro, which was included into the Nifty with effect from today lost ground as the rupee strengthened against the dollar.

Banking stocks did not have a good day in trade with IndusInd Bank, Canara Bank, Yes Bank and State Bank among the losers. FMCG major Hindustan Unilever continued to drift lower on worries that volumes for the quarter ending Sept 30, might be dismal.

Other banking losers were  ICICI Bank and HDFC Bank lost ground in trade today.

Shipping stocks were in the limelight in trade with the Baltic index touching a 21 month high. Varun Shipyard, ABG shipping and Western India Shipyard were among the gainers.

Meanwhile, Europe was trading with marginal losses, while most of Asia closed with gains. Markets are expected to trade in a range next week, moving in line with other global markets.

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