SBI, Tata Steel drag Sensex down
"What is worrying markets are the slippages and loan restructuring the banking sector could face in coming quarters... Tata steel disappointed with lower than expected numbers," said Nagji K Rita, CMD, Inventure Growth & Securities. Barring, Taiwan which closed higher, other Asian markets finished lower. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Japan declined 0.09-0.90 per cent.
European stocks also were trading weak in the afternoon session. The CAC was down by 0.17 per cent, the DAX by 0.83 per cent and the FTSE by 0.37 per cent.
Back home, major losers from the Sensex pack were, Tata Steel (3.25 pc), Sterlite Ind (2.38 pc), BHEL (2.13 pc), NTPC (1.59 pc), ICICI Bank (1.57 pc), Tata Motors (1.21 pc), Hero Motocorp (1.20 pc), Wipro (1.11 pc), Infosys (1.08 pc) and RIL (1.00 pc).
Among the sectoral indices, the BSE-PSU dropped by 1.70 per cent, followed by BSE-Realty (1.64 pc), BSE-Metal (1.49 pc), BSE-Oil&Gas (1.33 pc) and Bankex (1.20 pc).
The market breadth continued to show negative trend as 1,733 stocks ended with loss while 1,122 closed with gains.
The total turnover rose to Rs 2,606.97 crore from Rs 2,328.56 crore yesterday.
"Indian indices were resilient at the start of the week but turned in the red from mid-week as the global sentiment worsened. For the week the Sensex and Nifty index ended marginally lower by 0.18 per cent," said Amar
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