Indian Equities ended the session in red - ICICI Bank : Treasury Research

Indian equities ended the session in the red today. Sentiment remained subdued on the back of weak Q1 FY2014 earnings results posted by companies like Siemens and Sun TV Network. Shares of Reliance Communications traded under pressure after the company posted lower than expected earnings post market hours yesterday. However, retail shares such as Trent and Shopper's Stop gained following the Cabinet's decision yesterday to relax certain FDI norms in multi-brand retail. Meanwhile, government sources reported that proceeds from stake sales of Neyveli Lignite, ITDC and STC, held today, amounted to close to INR 4 bn. Today's major laggards were auto, metal and power stocks. The Sensex ended at 19,164.02 (-0.79%) while Nifty closed at 5677.90 (-0.87%).

The BSE Bankex ended lower at 11,421.35 (-1.36%). SBI ended lower at INR 1681.35 (-0.12%) while ICICI Bank ended down at INR 887.0 (-2.85%).

Asian stocks ended mostly higher today, extending morning session's gains. Nikkei surged by 3.29% after a weaker Yen aided the outlook on exporters' stocks. Australia's ASX closed higher by 1.09%, led by gains in financial and mining stocks. Hang Seng and Kospi also ended up by 0.46% and 0.14% respectively. Shanghai Composite, meanwhile, ended flat.

Source : Equity Bulls

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