Nifty drops for 6th day in a row

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Nifty drops for 6th day in a row
The Nifty dropped for the sixth straight day in a row led by heavyweight ITC and select metal stocks. The Sensex closed lower by 104 points (provisional), while the Nifty dropped 44 points in trade today.

Among the big loser today was ITC, which fell 3.5 per cent, following a disappointing set of sales growth numbers.

Banking stocks also fell ahead of the RBI's Monetary Policy Review slated for Oct 29. Among the top banking losers in trade today were some of the PSU Banking stocks including Union Bank which shed almost 6 per cent, Punjab National Bank, Canara Bank and Bank of Baroda.

Reliance Industries was among the few stocks that saw buying interest in trade today. The stock ended the day higher by more then 1 per cent. Larsen and Toubro and HDFC were the other stocks that gained ground in trade today.

Syndicate Bank which reported numbers that were in line with estimates ended the day almost flat. FMCG major Colgate saw a drop in its share price after the company saw a contraction in margins.

Metal stocks were one of the worst hit in trade today with Tata Steel, Hindalco and Sesa Sterlite leading declines.

Software stocks also saw declined with HCL Tech being the top loser from the sector.

Bharti Infratel which reported numbers earlier today ended the day lower after its results fell short of expectations. The stock ended the day lower by more then 2 per cent.

Meanwhile, most of Asia ended the day with gains led by a sharp rally in the Japanese Nikkei. European markets were trading flat.

Indian markets are likely to take cues from the RBI's Monetary Policy Review scheduled tomorrow at 11 AM. It's widely expected that the Reserve Bank of India would hike repo rates, while cutting the MSF for banks.

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