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Markets end lower on profit booking


 Markets end lower on profit booking
Markets ended the day lower on profit making in select frontline stocks, despite strong global cues. The Nifty ended the day lower by 56 points, while the Sensex lost 203 points (provisional) in trade.

Oil marketing companies which rallied substantially in trade on Monday following a deal with Iran over its nuclear programme lost ground today. BPCL shed more then 4 per cent in trade. Other notable Nifty losers were Cairn India, Coal India and Dr Reddy's.

Worst hit in trade were the banking stocks which had seen substantially rally on Monday. Bank of Baroda shed more then 5 per cent, while Canara Bank and Bank of India lost 4 per cent each.

Private sector banking stocks also fell with ICICI Bank, HDFC Bank and IndusInd Bank being among the losers.

Among the few Nifty stocks that gained in trade were Hero Motor Corp, Power Grid Corporation and Lupin. However, the top Nifty gainer in trade was Bharat Heavy Electricals which rallied more then 5 per cent.

Mid cap stocks also saw selling pressure in trade today with notable losers being GMR, HPCL, Hexaware, JSW Energy and Syndicate Bank.

Wyeth Laboratories and Pfizer which had rallied substantially in the last few days, following news of their merger ended the day flat.

Meanwhile, Asian markets ended the day lower with the Japanese Composite and the Singapore's Strait Times ending the day lower.

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