Markets end lower as profit booking sets in; mid caps slide

Updated: Tuesday, May 27, 2014, 15:30 [IST]

Indices

Markets ended the day lower with the Sensex and the Nifty falling in trade as investors resorted to profit booking, following the swearing in of Narendra Modi as the new Prime Minister of India.

The Sensex ended the day lower by 167 points, while the Nifty lost 41 points in trade. Leading losers from the Nifty stocks were Gas Authority of India, which fell a huge 7.6 per cent, after its results disappointed the markets. Other Nifty stocks that fell in trade were Mahindra and Mahindra, Bharat Heavy Electricals and Coal India, which saw maximum losses.

IT which had rallied sharply in morning trades gave up some gains. Tata Consultancy Services ended the day lower, while Infosys, Wipro and Tech Mahindra found buying support at lower levels.

Select stocks that saw buying interest were Jindal Steel and Tata Steel along with a host of pharma names including Dr Reddy's, Sun Pharma and Cipla.

Wockhardt, however, lost ground after its results disappointed the street. Jaypee Infra also slipped after the company's net profits fell sharply.

Mid cap stocks where all the action has been in the last few trading sessions fell in trade with notable losers being Canara Bank, NHPC, Unitech, Voltas and Power Finance.

Realty stocks also gave up some gains with Unitech and Godrej being among the losers. Indiabulls, however, managed to rally as much as 3 per cent.

Meanwhile, markets in Europe continued to gain with the German DAX inching towards a record 10,000 points.

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