Sensex Ends Below 28,000 Points; PSU Banks Rally On Govt Reforms Initiative

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, August 17, 2015, 15:34 [IST]

Benchmark indices ended the day lower led by sharp losses in Cipla, Hindalco and private sector banking stocks like Axis Bank and HDFC Bank.

Check Sensex gainers and losers here

IT stocks also ended weak and dragged the benchmark indices lower. The Sensex ended the day lower by 189 point at 27,878 while the Nifty fell 41 points in trade.

PSU Banking stocks saw a phenomenal rally with Canara Bank gaining a huge 14 per cent, while State Bank of India gained 4 per cent and Bank of Baroda a huge 15 per cent after the government announced a series of measures to revive the performance of these banks.

All of the PSU banking stocks gained including the likes of Bank of India, oriental Bank of Commerce, Allahabad Bank, Syndicate Bank and IDBI Bank ended higher.

Shares in Cipla were the biggest losers in trade, despite a good Q1 performance by the company. Mid cap stocks continued their good run, led by the mid cap banking stocks. However, Unitech, Wockhardt and Voltas were the losers from the space.

Kaveri Seeds fell for the 9th straight session and is now 33 per cent in trade. Shares in P C Jewellers jumped another 10 per cent in trade, though most other jeweller shares were steady.

Meanwhile, markets across Asia ended the day with losses led by the Strait Times, Taiwan Weighted and the Seoul Composite.

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