Markets end lower on weak global cues; banks drop again

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Markets end lower on weak global cues; banks drop again
Markets ended the day lower on profit booking in banking and select infra stocks which had run up sharply in the last few days.

The Sensex ended the day lower by 41 points, while the Nifty ended the day lower by 25 points. Banking stocks once again bore the brunt, as large scale run-up in these stocks led to profit booking. Fears that the RBI may once again hike repo rates later this month also weighed on sentiments.

IndusInd Bank was the top loser from the private sector banking space dropping 2 per cent, while other notable losers were the PSU stocks like Canara Bank, State Bank of India and Bank of Baroda.

Coal India which had dropped sharply in initial trade on reports of fine levied on the company for misusing monopoly ended the day flat.

Software stocks had a mixed day in trade with Tata Consultancy ending the day lower, while Infosys ended the day flat and HCL Tech closed with gains.

Nifty gainers in trade were ITC and Ranbaxy. NTPC which fell as much as 10 per cent on Tuesday gained ground and ended the day higher.

Stocks from the Sensex that lost maximum ground in trade were Tata Motors, ONGC and Gas Authority of India.

Mid cap stocks which also ended the day with losses were HPCL, IFCI, Bharat Forge and Hexaware. Voltas which has been consistently rallying in the last few days lost ground in trade.

Meanwhile, markets across Asia ended the day weak on poor overseas cues and following a drop in the US indices. Analysts fear that a QE3 tapering could happen this month, which also led to some selling pressure across markets.

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