Sensex Ends Below 28,000 Points; Banking Stocks See Profit Booking

Benchmark indices ended the day lower, even as the appointment of the new Reserve Bank of India Governor, Urjit Patel failed to provide a spark to the recent momentum.

It was hoped that sentiments would be bullish, following the appointment of Patel, though he is known to be an inflation hawk.

The Sensex ended the day lower by 91 points at 27,985 points, while the Nifty closed the day lower by 37 points. Leading the set of losers in trade were some of the banking stocks, particularly the PSU banking stocks on worries that there would be no interest rate cuts, as the new Governor could adopt a more hawkish tone.

Shares in Lupin fell despite the fact that the Central Drugs Standard Control Organisation approved a drug from the company. The stock ended the day lower by 2 per cent.

NTPC also fell 2 per cent, after the company said that quarter net profit at the company rose 4 per cent.

Most of the PSU Banking stocks also dropped in trade. State Bank of Travancore, which was a star last week, following the merger ratio with State Bank of India fell amidst profit booking.

Shares in Oberoi Realty gained after the company reported a good set of quarterly numbers.

Meanwhile, the rupee was trading at 67.19 in trade.

GoodReturns.in

Story first published: Monday, August 22, 2016, 15:40 [IST]

See More On: sensex, nifty