Sensex, Nifty Fall As Banking Stocks Dip

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Benchmark indices continued to drop in trade as banking stocks were once again pounded. The Sensex was trading lower by 81 points, while the Nifty dropped 38 points as investors continued to sell on every rally.

Sensex, Nifty Fall As Banking Stocks Dip
Sensex27,915.90Sensex Quote79.39 [0.29%]
Nifty8,615.25Nifty Quote0 [0%]
Banking stocks were the worst affected with most of the private and public sector banks trading lower. PNB, Syndicate Bank and State bank of India were the PSU banks which lost ground, whuoe private sector lenders like ICICI Bank and Axis Bank also fell.
Shares in LIC housing were trading higher after CLSA initiated a buy coverage on the stock. Nifty stocks that gained in trade today were Wipro and Sun Pharma.

Zicom surged a huge 10 per cent after the Reserve Bank of India allowed FIIs to buy shares in the company.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1,428.72 crore yesterday, as per provisional data released by the stock exchanges.

Among other Asian markets, Hong Kong's Hang Seng was down by 0.21 per cent, while Japan's Nikkei rose 0.08 per cent in early trade today. The US Dow Jones Industrial Average ended 0.65 per cent lower in yesterday's trade.

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