Markets Open Lower; Banking Stocks Lead Sell-Off

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Benchmark indices opened the day lower, led by losses in banking stocks, after Asian cues remained weak.

The Sensex was trading with losses of 144 points, while the Nifty lost 38 points in trade, ahead of the earnings season, which kicks-off next week.

Markets Open Lower; Banking Stocks Lead Sell-Off
HDFC was the biggest loser from the Nifty along with Maruti. Banking stocks came under selling pressure, as investors continue to worry over the asset quality of some of the banks.

ICICI Bank was down for the third straight day, while HDFC Bank and Kotak Bank also dipped.

HDFC saw some decline after reports that the company will make an additional one time provision of Rs 450 crores in the quarter ending March 2016, for sale of shares in its life insurance subsidiary.

Sobha Developers saw some buying interest after the company said that new sales volume in FY16 was 3.2 per cent higher as compared to FY15.

Siemens was trading higher after reports that the company had won an order for $800 million to supply a gas-fired power plant for Lordstown. The stock was trading marginally higher in trade.

The midcap index was higher by almost half a per cent, and not in line with the benchmark indices. Leading the gainers from the midcap space were Adani power, GMR Infra and Reliance Capital.

Meanwhile, markets across Asia were trading mixed with the Shanghai Composite and the Hang Sang trading lower, while the Straits Times and Jakarta were higher.

Goodreturns.in

Read more about: sensex, nifty
Story first published: Thursday, April 7, 2016, 9:38 [IST]
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