Sensex Ends Lower As Banking Stocks See Deep Cuts

Updated: Wednesday, September 2, 2015, 15:32 [IST]

Benchmark indices ended the day lower with relentless selling in index heavyweight banking stocks pushing the Sensex and the Nifty lower.

Weak global cues also played spoilsport, while the government's decision on Minimum Alternate Tax for FIIs failed to have any impact on the markets. The Sensex ended the day lower by 243 points at 25,453, while the NIfty ended the day lower by 68 points.

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Sensex Ends Lower As Banking Stocks See Deep Cuts

Indices

Shares in state-run banks hit 52-week lows including the likes of State Bank of India, Punjab National Bank and Bank of India. Banking stocks fell after the RBI issued draft guidelines for its proposed plan to change how banks calculate their lending rates.

Jindal Drilling and Aban Offshore saw their share prices gain after Petroleum Minister Dharmendra Pradhan said that the Cabinet had approved higher participation of private companies in small oil fields.

Coal India fell marginally after its output for the month of August fell. Sun Pharma managed to close higher in a falling market after an upgrade by a leading brokerage firm.

Shares in HeroMotor Corp fell after its August numbers disappointed the street. Many auto companies saw a drop in their share prices after their numbers reported for August were not very encouraging. Mahindra and Mahindra were the other losers from the auto space.

Meanwhile, markets across Asia ended the day mostly lower following poor lead from the US markets. The Japanese Nikkei and the Hang Sang were the major losers in trade.

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