Nifty Ends The Day Flat; PSU Banking Stocks Rally

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Benchmark indices traded in a narrow range for most of the day and ended the day flat, even as European cues remained weak.

The Sensex closed the day higher by 27 points, while the Nifty ended the day unchanged from the previous close.

Nifty Ends The Day Flat; PSU Banking Stocks Rally
Leading the set of gainers were metal stocks, with Vedanta, Tata Steel and Hindalco among the top gainers.

Heavyweight, Reliance Industries was the top loser from the Nifty, ending almost 2 per cent lower in trade. TCS too lost ground following a weakish set of results.

HDFC saw buying interest after reports of its insurance subsidiary coming out with an IPO was announced.

Wipro saw good buying support ahead of its results to be declared later today. PSU Banking stocks were the stars in trade with the PSU banking index gaining 1 per cent, while individual banking stocks jumped.

Allahabad Bank was up 4 per cent, while Bank of Baroda gained 3 per cent and Indian Overseas Bank also gained 3 per cent in trade.

Most of the PSU Banking stocks are slated to declare their results next week. Among midcap stocks Jindal Steel saw a spike of 7 per cent, while Page Industries was up 5 per cent and Tata Chemicals rallied 4 per cent.

Meanwhile, markets across Europe were trading marginally in the red, while most of Asia ended the day with gains.

Read more about: sensex, nifty
Story first published: Wednesday, April 20, 2016, 15:34 [IST]
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