Nifty Trades Flat; ONGC Drops Sharply Post Results

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    Markets opened the day marginally higher, but quickly moved into the red on the first day of the June F&O series. It was back in the green in the first few minutes of trade.

    Nifty Trades Flat; ONGC Drops Sharply Post Results
    The Sensex was trading with losses of 84 points, while the Nifty was up 27 points in trade. Shares in ONGC was the top loser after the company's results lagged estimates.

    The stock was down 3 per cent in trade. Banking stocks were the clear winners on hopes of a rate cut by the Reserve Bank of India in its policy meet on Tuesday.

    Axis Bank, Canara Bank, Yes Bank and Bank of Baroda were all among the gainers. Bosh which was included in the Nifty for the first time made good gains and was up one per cent.

    Shares in Tech Mahindra which have been dropping ever since the company reported results saw some buying support in trade.

    Hindustan Petroleum was up a huge 4 per cent after the company reported a good set of numbers.

    SpiceJet which reported a good set of numbers was up a huge 12 per cent in trade. Shares in NMDC fell 3 per cent after the company reported results that lagged estimates.

    Meanwhile, markets in Asia continued to reel under losses, with the Shanghai Composite down for the second straight day after losing 6 per cent on Thursday.

    Read more about: sensex nifty
    Story first published: Friday, May 29, 2015, 9:33 [IST]
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