Markets drift lower; banking stocks drag

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Markets drift lower; banking stocks drag
Markets turned weak once again today, on renewed selling from institutional investors in banking stocks. The BSE Sensex closed the day lower at 17121 points, down 135 points over its previous close. The NSE Nifty ended the day lower by 48 points at 5194 points.

Among the worst performers today were banking stocks including Kotak Mahindra, ICICI Bank and State Bank of India. There are ongoing fears that the RBI may not effect successive repo rates hikes in the current year, which led to some selling in banking stocks.

Ambiguity on the General Anti-Avoidance Rule (GAAR) law also weighed down on markets. Among the other shares that lost today included Jaiprakash Associates, Cairn India, Reliance Power and Kotak Mahindra.

IVRCL ended the day marginally lower after rallying in opening trades on reports of the Essel group picking up a stake in the company.

Read more about: bse, nse
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