Markets End The Day Lower, IT Index Hits Record Highby Sunil Fernandes
The Sensex and the Nifty ended the day lower despite trading sharply higher for most part of the day.
The Nifty ended the day with losses of 24 points, while the Sensex lost nearly 100 points. Weakness in banks and heavyweight Reliance Industries dragged the indices in the red today.
Among the top 5 Nifty gainers four were from the IT pack, including the likes of HCL Tech, TCS, Infosys and Wipro.
Among the small cap IT stocks, KPIT Tech had a fantastic day with the stock gaining as much as 12 per cent in trade. Following a surge in IT stocks, the IT index hit a record high in trade today.
Among the top Nifty losers were Bharti Airtel, BPCL, Bajaj Finance, Kotak Mahindra Bank and Sun Pharma. Banking stocks had a weak day in trade with ICICI Bank, SBI and Axis Bank seeing significant losses. The Bank index dropped sharply and ended the day almost 1.5 per cent lower.
Shares in Dilip Buildcon had a good trading session with the stock ending the day 3 per cent higher, after the company received a Letter of Award for a new HAM project for a bid project cost of Rs 1,140.5 crore. Meanwhile, most European markets were trading with marginal losses in early trade.