Markets End The Day Flat; Banking Stocks Fall

Business

oi-Sunil Fernandes

Market ended the day flat even as banking stocks fell

By Sunil Fernandes

Updated: Monday, November 28, 2016, 15:32 [IST]

Benchmark indices ended the day flat, even as global cues remained weak. Banking stocks fell in trade, as the Reserve Bank of India announced new measures for the Cash Reserve Ratio.

The Sensex ended the day with gains of 33 points, while the Nifty gained 13 points in trade. Leading the set of losers from the Nifty were stocks from the PSU banking space like Bank of Baroda which shed 3 per cent and Punjab National Bank, which lost more than 2 per cent in trade.

With the huge deluge in the liquidity in the system the country's central bank said that banks need to maintain incremental cash reserve ratio of 100 percent from November 26. This led to a sharp sell-off in both the government and the private sector banking space.

Shares in ARSS Infra jumped a huge 20 per cent and was locked at the upper end of the circuit filter after the company said that it had received an order worth Rs 51.44 crore from North Central Railway, Jhansi.

Sagar Cements shares jumped after the company said that it had fixed the preference shares at Rs 800/share.

Meanwhile, European markets were trading weak with the German DAX, the French CAC and the UK's FTSE all trading lower.

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