Sensex inches lower in thin trade, banking stocks drag
Mumbai : In range-bound movements, domestic shares today ended almost flat with marginal losses pulled down by banking shares after a RBI report raised concerns over corporate vulnerability and bad loans.
The benchmark BSE Sensex slipped from a three-week high by giving up early gains to close 11.59 points down at 25,838.71.
On a weekly basis, the Sensex gained 319.49 points or 1.25 per cent and the NSE Nifty went up by 99.10 points or 1.27 per cent.
Stocks of banking companies faced selling after RBI in its report yesterday raised concerns after loan growth at Indian banks slowed in the six months period through September while bad loans rose, signalling increased risks to lenders.
In early deals, the 30-share index rose to a day’s high of 25,922.47 backed up by positive Asian cues. However, on selling by cautious participants ahead of tomorrow’s holiday, the index, slipped into the negative zone and finally settled the session moderately lower by 11.59 points or 0.04 per cent down at 25,838.71.
The gauge had gained 259.65 points in previous session. Volume remained low as foreign funds and local traders preferred to stay on the sidelines ahead of holiday tomorrow amid absence of any domestic cues, brokers said.
Nifty’s 50-issue NSE fell by 4.90 points or 0.06 per cent to 7861.05. Intra-day, it moved between 7,888.75 and 7,835.50.
Shares of ICICI Bank fell the most among Sensex stocks by dropping 1.53 per cent followed by Maruti Suzuki at 0.88 per cent.
Other major losers included ONGC, SBI, HDFC, Dr Reddy’s, Axis Bank, RIL, Infosys, HDFC Bank, HUL, Lupin and Tata Steel.
However, shares of Bharti Airtel, GAIL, Tata Motors, Bajaj Auto, TCS, ITC and Adani Ports ended in positive zone.
Out of the 30-share Sensex, 13 ended lower, while NTPC ended unchanged at Rs 139.05.
Stock Exchanges will remain shut tomorrow on account the Christmas holiday.
Sectorally, the BSE consumer durables index fell the most by plunging 0.91 per cent, followed by bankex (0.42 pc) and realty (0.23 pc).
The broader markets, however, outperformed Sensex with the small-cap and mid-cap indices ending higher by 0.49 per and and 0.28 per cent, respectively.
Globally, other Asian markets closed mixed while European markets were trading higher in their early trade on the back of further rebound in oil prices.