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Markets End Lower As European Markets Slide; Metals Shine
Benchmark indices ended the day lower, as global cues continued to remain weak, as the dollar strengthened leading to a fall in commodity prices.
European markets saw sharp cuts, leading to a fall in the Indian markets, which had traded higher for most part of the day.
State Bank of India, which had has a spectacular run since the monetary policy dropped and lost almost 2 per cent in trade. However, Punjab National Bank saw good buying support and the stock ended the day higher.
Metal stocks continued their great run with stocks like Hindalco and Vedanta among the top gainers from the space. Bhart Heavy and Lupin were the other gainers from the Nifty space.
Shares in Sadbhav Infrastructure jumped 6 per cent after reports that the company has received provisional completion certificate for Bhilwara-Rajsamand Tollway.
KCP also gained ground after reports that the company is looking to expand the production capacity of its cement unit from 1.8 MTPA to 3.5 MTPA.
Among the midcap, Sun TV saw decent gains, following a sharp downturn in the stock since the Tamil Nadu elections.
Meanwhile, markets across Europe were trading with sharp losses, led by the declines in the German DAX and the French CAC.
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