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Nifty Ends Lower For Second Day; Banking Stocks Gain
The Nifty ended the day lower for the second day in a row, though banking stocks saw some buying support. Global cues were soft, following a weakish closings across the US.
Leading the set of gainers from the Nifty and the Sensex was ICICI Bank and Axis Bank. IT stocks were seeing some selling pressure with HCL Tech dropping a huge 7 per cent in trade, while Tech Mahindra too was down 2 per cent. It was the second straight day of fall for HCL Tech.
Shares in P C Jeweller, was the most volatile stock across both the exchanges. The shares initially slumped to a low of Rs 95, recovered to hit a high of as much as Rs 126, before closing the day at Rs 122, a good 11 per cent gains.
The stock has been banned in the F&O segment and has lost nearly 70 per cent this year. Interglobe Aviation was another stock that was volatile in trade. The company reported numbers that lagged estimates. The net profits at the company were down by 73 per cent to Rs 118 crores, dragging the stock 10 per cent lower.
Biocon shares fell in trade today, after a US FDA 483 observation with seven observations. The stock ended the day down by 5 per cent at Rs 627.
Vakrangee was stuck at the lower end of the circuit filter and was locked at 5 per cent lower limit. The stock has been sliding on a consistent basis, following a SEBI investigation into price manipulation.
Meanwhile, most Asian markets ended the day with modest losses, while Europe too was trading with losses. The German DAX, French CAC and the UK's FTSE were all lower in trade.
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