Indian stock indices opened the day higher, led by gains in select financials and Asian cues which were much stronger. However, there was immediate sellling pressure and the indices fell into the red.
The Sensex was trading with losses of 34 points, while the Nifty dropped 11 points in trade.
Shares in State Bank of India gained, after the bank said that it had cut its marginal cost of funding rates by 90 basis points. This equals to a cut of 0.90 per cent. The shares of the bank were last trading at Rs 250.50 on the NSE. Punjab National Bank too saw gains after the bank also cut its lending rates following a decision by State Bank of India.
Shares in Maruti fell after the company reported the lowest sales since July 2016. Shares in housing finance companies were strong after the government announced a series of measure for urban housing. IndiaBulls Housing Finance was up 1 per cent, while LIC Housing Finance was also trading higher.
Among the Nifty stocks that lost ground were Bajaj Auto, ICICI Bank, ITC and Infosys.