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Nifty Ends the Day Flat; Chinese Market Sees Steepest Fall In 5 Weeks


Nifty ended the day flat as Chinese markets saw the biggest drop in 5 weeks. The Nifty which was higher by almost 35 points in trade in the morning, dropped on news of the sudden fall in the Shanghai Composite, which ended 3.5 per cent lower, after dropping a huge 4.6 per cent in intra day trade.

The Sensex ended the day with 19.17 points, while the Nifty closed the day 9.95 points. The biggest losers were from the banking space with the bank index cracking on heavy selling pressure.

Nifty Ends the Day Flat; Chinese Market Sees Steepest Fall In 5 Weeks
Federal Bank, which reported a poor set of Q2 numbers was down 12 per cent, while other banking names like ICICI Bank, Canara Bank, Punjab National Bank and Bank of Baroda saw cuts of nearly 2 per cent.

IT Stocks managed to stay resilient with Infosys notching up gains, while Wipro was higher ahead of results to be declared later today.

Bajaj Auto was the biggest gainer from the Nifty after its profits rose sharply. MphasiS shares surged almost 10 per cent in trade after the company's net profits beat estimates.

Midcap stocks also saw losses, though select shares like Sanofi, UBL and Voltas gained ground. Meanwhile, markets across Europe were trading with gains, while Asia closed mixed, despite huge losses in the Shanghai Composite.

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