Stock markets decline for second day on losses in private banks, weak global trends
The Hindu
The NSE Nifty declined by 114.80 points or 0.59% to end at 19,428.30.
Benchmark equity indices Sensex and Nifty declined for a second straight day on Friday due to losses in HDFC Bank and ICICI Bank and a negative trend in Asian and European markets.
The trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system.
The 30-share BSE Sensex fell by 365.53 points or 0.56% to settle at 65,322.65. During the day, it tanked 413.57 points or 0.62% to 65,274.61.
The NSE Nifty declined by 114.80 points or 0.59% to end at 19,428.30.
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards.
HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra & Mahindra were the gainers.
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Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
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