Sensex Ends Below 24,000 Mark; Banking Stocks Gain

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Benchmark indices ended the day lower, even as Asian cues remained weak, with fresh selling seen across the Chinese markets.

The Shanghai Composite fell as much as 3 per cent, after opening in the positive, dragging most Asian benchmark stock indices lower.

Sensex Ends Lower; Banking Stocks Gain
Sensex27,915.90Sensex Quote79.39 [0.29%]
Nifty8,615.25Nifty Quote0 [0%]

The Sensex ended the day lower by 99.83 points at 23962.21 points. Leading the set of gainers in trade was Axis Bank, which jumped following a good set of quarterly numbers. This also led to buying in banking names like ICICI Bank, Punjab National Bank, Bank of India, Yes Bank and Bank of Baroda.

Auto stocks came in for some serious selling pressure with Tata Motors and Maruti dropping more than 3 per cent in trade. Metal and mining stocks continued to fall, after a sheer carnage in commodities across the globe. NMDC and Coal India both hit fresh 52-week lows.

Oil and gas stocks also fell with ONGC and Oil India both hitting a new 52-week low. Among non index stocks Natco Pharma was up near 5 per cent, after the company signed a licensing agreement with Medicines Patent Pool & Bristol-Myers Squibb for Daclatasvir.

Midcap stocks which were hammered out of shape, managed to show some recovery in trade. The index was up 1 per cent led by a strong recovery in PSU banking stocks. Other shares that gained from the space were Star and JSW Energy.

Meanwhile, markets across Asia ended with losses, while most of Europe was trading flat.

Read more about: sensex, nifty
Story first published: Thursday, January 21, 2016, 14:56 [IST]
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