HDFC, ITC Drag Markets Lower; Sensex Drops 170 Points

By Sunil Fernandes
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    The Sensex ended the day marginally lower led by declines in select stocks like FII favourite HDFC and FMCG heavyweight ITC.

    HDFC, ITC Drag Markets Lower; Sensex Drops 170 Points
    Indices
    The Sensex closed the day lower by 170 points, while the Nifty ended the day lower by 45 points.

    Shares in Infosys recovered lost ground on buying by domestic institutions and managed to end the day steady. HCL Tech and Wipro also recovered ground and ended the day higher.

    Shares in Lakshmi Vilas Bank surged following a good set of results. Ambuja Cements on the other hand fell after the company's results failed to meet expectations.

    Dewan Housing which reported numbers that were in line with estimates ended the day flat. HDFC which has a heavy foreign holding declined despite the company putting up a decent earnings.

    Private sector banks were the clear winners in trade with ICICI Bank, Axis Bank and Yes Bank among the winners.

    Mid cap stocks gained ground in trade with Bharat Forge, Century Textiles, DLF, Crisil and Exide among the major gainers.

    Meanwhile, markets across Asia ended the day with losses ahead of a crucial meeting of the US Federal Reserve. Markets across the globe would await hints from the US Federal Reserve with regards to rate hikes.

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