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Markets end lower on weak global cues; Sun shines again

Markets end lower on weak global cues; Sun shines again
Markets ended the day lower on the back of weak global cues, following a weak handover from the US markets, which fell after technology stocks plunged in trade.

The Sensex ended the day lower by 86 points, while the Nifty dropped 20 points in trade at 6776 points. Technology stocks which had a sharp fall in the US, managed to remain resilient in trade. Infosys, TCS and HCL ended the day sharply higher.

Pharma stocks were the stars in trade with Cipla, Dr Reddy's and Sun Pharma all showing handsome gains.

IndusInd Bank was the top Nifty loser in trade after the Reserve Bank of India barred further investments in the company by FIIs.

Reliance Industries saw some selling pressure with the company's shares down more than one per cent. The Bank Nifty also ended the day with losses with heavyweight banking stocks like ICICI Bank and State Bank of India ending lower.

Gujarat based company stocks rose on hopes of Narendra Modi led NDA Government forming a government at the Centre. Stocks that gained were Gujarat Gas and GMDC. In fact, Gujarat Gas was locked at the upper end of the circuit filter.

Mid cap stocks had a good day in trade with stocks like Unitech, India Cements, Oracle and MRF ending the day with smart gains.

Power stocks saw some selling pressure with JSW Energy and Power Finance seeing sellers. Meanwhile, markets across Asia ended the day with losses, while most of Europe was in the red, inclduing the UK's FTSE, the German DAX and the French CAC.

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