Sensex Closes At A Fresh 14-Month Low; Banking Stocks Hammered

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, January 12, 2016, 15:32 [IST]

Benchmark indices fell for the sixth trading session in seven, as global markets continued to see selling pressure as crude oil prices plunged with WTI last trading at $31 a barrel.

Asia closed lower with Japan leading the losses, while the Chinese Shanghai Composite managed to close the day marginally higher. Crude oil prices continued to slide with Brent now down 20 per cent since the start of the year.

The Sensex ended the day with losses of 143.01 points, while the Nifty closed lower by 51.85 points in trade. Leading the set of losers in trade were once again the banking stocks, which saw a huge slide. State Bank of India, ICICI Bank, PNB, BOB, Syndicate Bank and Canara Bank all hit new 52-week lows.

Axis Bank was the biggest loser in trade, followed by Hindalco. ONGC, Cairn India and Oil India saw heavy losses, following a drop in crude prices.

NTPC, Sun Pharma, Mahindra and Mahindra and Wipro were the select stocks that gained ground in trade. TCS was down ahead of its results to be declared later today. Worries over the company's quarterly numbers also dragged other IT stocks like HCL Tech and Infosys lower.

Midcap stocks saw even bigger losses with the index closing down nearly one per cent. J P Associates was the biggest loser from the space dropping as much as 4 per cent.

Meanwhile, markets across Asia ended the day mixed, while Europe was trading with gains.

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