Benchmark Indian indices ended the day lower despite a strong recovery in the Dow Futures and a surge in the European indices.
The Nifty ended the day lower by 40 points, despite a near 2.5 per cent surge in the stock of heavyweight Reliance Industries.
Banking stocks were largely responsible for today's fall with heavyweights like HDFC Bank, ICICI Bank and State Bank of India leading the set of losers. In fact, State Bank of India was the biggest loser from the Nifty falling as much as 5 per cent in trade. Apart from this stocks like GAIL, Bajaj Finserv, Axis Bank and Tata Motors were among the losers in trade.
Shares in Reliance Industries gained 2.5 per cent after reports that Silver lake had picked a stake in Reliance Retail for Rs 7,500 crores. Cipla, Zee Entertainment and Tata Steel were the other big gainers in trade. Shares in Cadilla Healthcare gained ground after reports it has received tentative approval from the U.S. FDA to market Empagliflozin and Linagliptin tablets in the strengths of 10 mg/5 mg and 25 mg/5 mg.
Meanwhile, markets across Europe were trading with gains of near 1 per cent, as Dow Futures too pointed to gains of nearly 1 per cent for the US markets.