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Markets end lower for 4th straight day; banking stocks drag

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Markets end lower for 4th straight day; banking stocks drag
Markets ended the day lower for the fourth straight day as heavyweights, led declines, following weak cues from across Asia.
 

The Sensex ended the day lower by 58 points (provisional), while the Nifty lost 20 points in trade. Among the stocks that lost ground in trade were the heavyweights including Infosys, Reliance and ICICI Bank.

Nifty stocks that remained resilient and gained in trade were ONGC, Tata Motors and Coal India. PSU banking stocks did not have a good session in trade with notable losers being Bank of India, Canara Bank and Union Bank of India.

Tata Power which has been losing heavy ground in the last few trading sessions, continued to trend lower.

Tata Motors was among the handfull of Nifty stocks that gained in trade after the company's JLR sales in India were up 22 per cent at 215 Units.

Lakshmi Vilas Bank ended the day lower after the bank decided on a rights issue. Mastek was the star in trade today after shares in the bank jumped 11 per cent, after the company said it was planning a buy back of shares.

Rel estate stocks came in for severe selling pressure with DLF and Indiabulls losing ground. However, Sobha Developers dropped more then 3 per cent in trade, after the company said that sales volume for the quarter ending Dec 31, 2013 dropped.

Meanwhile, markets across Asia declined, while Europe was trading with losses. The UK's FTSE, the German DAX and the French CAC were all trading lower.

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