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Sensex Loses Ground For 5th Straight Day; Banking Stocks Fall


The Sensex lost ground for the 5th straight session led by declines in financials. The Sensex closed the day lower by 245 points, while the Nifty fell by 70 points.


Sensex Loses Ground For 5th Straight Day; Banking Stocks Fall
Vedanta, Tata Power, Tata Steel, Cipla and Reliance Industries were the top losers from the Nifty. Shares in Nestle India fell a huge 7 per cent in trade following increased woes over its Maggi brand.

There's was some rub off effect on other health food manufacturers like Smithkline Consumer which fell. Smithkline Consumer lost as much as 5 per cent in trade.

Axis Bank, Bajaj Auto and Gail managed to end the day with gains from Nifty stocks. Among non index stocks Eros International saw a huge 15 per cent in trade after investor groups suggested de-listing Indian subsidiary.

Wockhardt fell 3 per cent after the US FDA said over 200 bottles of Captopril & Clarithromycin tablets manufactured by the company had been recalled.

Mid cap stocks came in for some heavy selling pressure with the index losing almost 2 per cent in trade.

Sun TV was the major loser from the space falling 22 per cent after reports that Ministry of home affairs had denied security clearance to 33 channels of Sun TV.

Meanwhile, markets across Asia had a mixed day in trade. Relentless buying in stocks on the Shanghai composite lifted the index to a new 7 year high. The Taiwan Weighted and the Hang Sang also gained, while the Jakarta Composite lost ground.

Read more about: sensex nifty
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