Markets End The Day Higher; IT Stocks See Selling Pressure
Markets ended the day higher as European markets traded strong after moving from gains to losses.
However, Asian markets saw a bout of selling pressure with the Japanese Nikkei leading losers, following strength in the Yen.
The Sensex closed the day higher by 90 points, while the Nifty gained 31 points in trade. Leading the set of gainers in trade today were Vedanta, Tata Motors, NTPC and GAIL.
Shares in ITC, which began the day by surging following a 10 per cent rise in net profits, ended the day flat despite a good set of results. IT stocks like Infosys and TCS ended the day weak.
Other losers were Bajaj Auto, Sun Pharma, Hindustan Unilever and State Bank of India.
Shares in Biocon rallied 12 per cent after the company's consolidated net profit was up 34.5 percent at Rs 166.6 crore versus Rs 123.9 crore.
Chemfab Alkalies was locked at the upper end of the circuit filter after the company reported a good set of quarterly numbers.
PSU banking stocks were the worst affected in trade despite markets ending higher. Union Bank of India fell near 4 per cent, while Canara Bank dropped 3 per cent.
Bharat Financial Institution saw its share price rally after the company reported a superb set of quarterly numbers. The stock ended the day higher by 13 per cent.
Meanwhile, the rupee was trading with gains of 6 paise at 67.11 to the US dollar.
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