Markets End in Red

Markets succumbed to selling pressure after the sharp rally seen in the past two weeks as investors cashed out of banking shares on concerns that higher oil prices will fuel inflation. IT shares were also weak as Rupee strengthened to five month high. The Nifty opened in the green and touched a high of 5,944 after which it witnessed profit taking which dragged index to a low of 5869. The Nifty pared marginal losses and closed at 5892, down 18 points and the Sensex declined 75 points, at 19,612. Among the sectoral indices, realty was up 3.04 per cent, consumer durables 1.03 per cent, power 0.67 per cent and PSU 0.39 per cent. Teck was down 1.12 per cent, IT 1.07 per cent, bankex 0.66 per cent and metal 0.52 per cent. Of the total 3,041 stocks traded, 1,678 advanced, 1,223 declined and 140 remained unchanged. Foreign Institutional Investors continued to buy shares in India. FIIs have invested Rs 5,595.7 crore in the Indian equities since March 22 to Tuesday.