Markets End Lower; PSU Banking Stocks Fall

Updated: Friday, July 8, 2016, 15:31 [IST]

Benchmark indices ended the day lower, even as global markets were firm, as profit booking in select stocks dragged the Sensex and the Nifty lower.

Markets End Lower; PSU Banking Stocks Fall

The Sensex ended lower by 74.59 points, as most Asian markets were dragged down by lower oil prices.

Tata Motors was the top gainer in trade after the company reported a superb set of sales of JLR for the month of June. The stock ended 2 per cent higher, shrugging off any worries from the Brexit impact on the company.

Shares in telecom companies were the biggest losers after reports that the Department of Telecom may make fresh demands on these companies for understating revenues.

Bharti Airtel, Idea Celular and Reliance Communications were the biggest losers in trade. Apart from these the other losers were Bharat Heavy Electricals, Gas Authority of India etc.

Shares in Infosys, which has been consistently falling, managed to gain ground. ONGC fell after a sharp drop in crude prices.

Zee Learn was one stock that managed to impress in trade. The shares ended the day higher by a staggering 7 per cent, after the company reported a good set of results.

Shares in Gujarat Gas rallied after the company got grant of authorization for city gas distribution (CGD) network in Anand & Panchmahal. The stock ended the day higher by 3.48 per cent.

Meanwhile, most Asian markets ended the day lower, as oil prices tumbled in trade. This was after US stock piles rose sharply. European markets, however, bucked the trend with the German DAX, French CAC and the UK's FTSE all higher in trade.

GoodReturns.in