Sensex Opens Lower On Profit Taking; Banking Stocks Drag

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, March 22, 2016, 9:37 [IST]

Benchmark indices opened the day lower, as profit taking in banking stocks emerged, after a solid 2-day rally on Friday and Monday.

Asian markets were trading higher after US stocks managed to show some gains once again in trade. Asian markets were mixed, though the Japanese markets were trading higher.

The Sensex was trading with losses of 38 points at 25,246 points, while the Nifty fell 18 points at 7685 points. Leading the set of losers were stocks from the banking space like ICICI Bank, SBI, Canara Bank and Bank of Baroda.

Bharti Airtel was marginally lower despite reports that the company has signed a deal with American Tower Corporation (ATC) for selling some of its towers in Tanzania.

Defence stocks like BEL gained ground after reports that the Defence Acquisition Council, had approved the Defence Procurement Policy (DPP) 2016.

JMC Projects saw a huge jump of 8 per cent in the stock price, following a sizeable order that the company received.

Infosys, HDFC, Hero Motor Corp and ICICI Bank were the top losers from the Nifty space. On the other hand stocks that gained were Lupin and Bharat Heavy.

Meanwhile, Asian markets were trading with the Japanese Nikkei and the Strait Times higher and the Jakarta and Hang Sang lower.

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