Nifty End Slightly Lower After Volatile Day; PSU Banks in Limelight

By Aditya Raghunath — Indian markets opened higher on global cues but closed lower after a day of volatility and profit booking. ended flat losing 1.25 points while the ended 0.1% lower.

Power Grid Corporation of India Ltd (NS:)and Oil And Natural Gas Corporation Ltd (NS:) led the winners today with gains of 6.26% and 4.98% respectively. Tata Steel Ltd (NS:) and Hindalco Industries Ltd. (NS:), both gained over 3.5% each. fell 0.56% today. It was no surprise that bank stocks led the losers to pack on the Nifty with ICICI Bank Ltd (NS:) losing 2.34% and AXIS Bank Ltd (NS:) losing 2.2%. Eicher Motors Ltd. (NS:), Nestle India Ltd (NS:), and Tata Motors Ltd (NS:) all lost over 1% each.

Even as private banks fell, their PSU counterparts had a good day today with Bank of India Ltd (NS:) up 19.97%, followed by Bank of Maharashtra Ltd (NS:), Central Bank of India Ltd (NS:) and Indian Overseas Bank (NS:) who gained over 19% each.

European stocks have had a mixed opening with up 0.19%, and and trading flat. Earlier in the day, closed up 1.28% and gained 0.52%. US Futures are all trading up with up 0.6%, up 0.46% and up 0.4%.

U.S. stocks are seen pushing higher Tuesday, continuing recent gains amid growing confidence the country’s ramped-up vaccination program will lead to a prompt economic recovery.

has seen a bit of weakness and has dropped below the $60 level. It is trading at $59.76 at the time of this report.

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