Sensex, Nifty ended the day flat; power stocks lose ground

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, August 26, 2014, 15:29 [IST]

The Sensex and the Nifty ended the day flat even as select metal and power stocks lost heavy ground in trade following the Supreme Court ruling on coal blocks.

The Sensex ended the day higher by 5 points, while the Nifty ended the day lower by 1 point. Power stocks fell following the Supreme Court ruling that coal blocks allocated after 1993 were illegal. Stocks from the power sector that lost ground in trade were Tata power, NHPC, JSW Energy and Tata power.

Select metal stocks like Jindal Steel also fell following the ruling. Nifty stocks that gained ground in trade were Hindustan Unilever, Tata Steel and Hindalco.

PSU banking stocks once again had a poor day trade with stocks like Oriental Bank of Commerce, Allahabad Bank and Union Bank of India falling sharply.

Shares in Bhushan Steel were once again locked at the lower end of the circuit filter. Infrastructure companies saw some severe selling pressure in trade. Gammon India, Gammon Infra, HCC and NCC were among the losers in trade.

Private sector banks like ICICI Bank and HDFC Bank had a quiet day in trade. However, Kotak Mahindra saw some gains in trade.

Meanwhile, markets across Europe were trading with marginal losses, while most of Asia closed the day mixed.

GoodReturns.in