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Markets end lower; metals, banks hammered
The BSE Sensex ended the day lower by 105 points, while the S&P CNX Nifty ended the day lower by 36 points.
Metals and banks were amongst the worst performers today, with Shares of Jindal Steel, Sterlite and Sesa Goa dropping. In fact, shares of Jindal Steel dropped more than 5% on lingering worries of growth for the industry.
Private and public sector banks, also saw intense selling pressure with State Bank of India dropping almost 2.5% and ICICI Bank dropping 2%. Shares of Punjab National Bank slid 4.76%, to a two and half year low. The CNX PSU Banking index lost more than 2% today.
Bharti Airtel, which was hammered in the last few trading sessions found buyers at lower levels and ended the day with gains. Other index stocks that ended the day with gains included Cairn India, Sun Pharma and Mahindra and Mahindra.
Shares of IFCI, which lost almost 13% in trade on Friday, lost another 4% today, following the government decision to exercise its option to convert Rs 923 crore worth of debentures into equity with immediate effect.
Shares in Europe were trading steady with a slight negative bias. The German DAX and the French CAC were marginally lower, while the FTSE was trading higher.
Meanwhile, all eyes would be on data and comments coming from key policy makers and politicians from Europe and the US.
On Friday, the central bankers will meet at Jackson Hole and comments from the meeting would help markets get direction.
Domestically, there are not too many cues and market are likely to track movement of global markets.
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