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Sensex Opens Lower Again; Banking Stocks Continue Decline


The Sensex and the Nifty opened lower again with banking stocks leading declines once again in trade. The Sensex was last trading lower by 35 points at 26,330 points, while the Nifty was down 15 points in trade.


Sensex Opens Lower Again; Banking Stocks Continue Decline
Banking stocks like ICICI Bank, IndusInd Bank and Yes Bank continued to lose ground. PSU banking stocks also saw declined led by IOB and Syndicate Bank. IT stocks were relatively resilient to the early drop in the markets with stocks like Infosys and Wipro gaining ground.

Nestle shares which have seen a recovery in the last few days was down once again in trade as the Maggi controversy continued. Consumer oriented stocks like ITC and Hindustan Unilever continued to trade lower over worries over poor monsoons.

Pharma stocks were also not having a good day in trade with stocks like Sun Pharma and Glaxo among the losers.

AstraZeneca Pharma which hit the 20 per cent circuit filter limit on Thursday following the launch of FORXIGA (dapaglifozin) was down 2 per cent.

NBCC continued to see gains and was up after reports of a strategic partnership with Malaysian JV company China Railway Engineering Corporation and Amona Group.

Meanwhile, markets across Asia were trading with gains on strong closings across the US. The Hang Sang and the Shanghai Composite were among the gainers.

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