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Nifty Ends Lower for 5th Straight Session; Asian Markets Recover


The Nifty ended the day lower despite aggressive buying by domestic institutions helping markets recover from the day's lows.


The Sensex ended the day with 17 points lower, while the Nifty ended lower by 37 points.

Leading the set of gainers were the beaten down stocks from the banking sector which showed remarkable recovery towards noon. State Bank of India led banking sector gainers in trade and was the top gainer from the Sensex.

Nifty Ends Lower for 5th Straight Session; Asian Markets Recover
Pharma stocks, however, saw relentless selling pressure with stocks like Glenmark, Cipla and Aurobindo Pharma seeing good selling pressure.

Tata Steel ended the day with gains after reports that the Odisha government has allowed 4 mines of the company to resume iron ore mining. Oil major, ONGC also ended higher after reports that ONGC Videsh won offshore oil block in New Zealand.

Mid cap stocks also saw heavy selling pressure with Biocon, Bharat Forge, Aurobindo Pharma and IGL among the major losers. Jubilant Food and Just Dial, however, managed to gain ground.

Heavyweight, ITC added pressure to the Sensex and ended the day lower by almost three per cent. Meanwhile, most of the Asian markets ended higher, while Europe was once again trading with losses. All eyes are now on the US Fed for possible comments on interest rate. US Fed officials end their 2 day meeting today, followed by a press conference to be addressed by Fed Chair, Janet Yellen.

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