Nifty Settles At 14981 Dragged By PSBs

In a volatile trade, markets in the afternoon session were weak by 1 percent points on the Sensex and mid-cap were underperforming too. All of the Nifty sectoral indices were painted red, with maximum weakness on the PSB, auto and metal pack. At the end, Sensex settled at 50889, down 434 pts or 0.85 percent, while Nifty lost 0.9% to close at 14981.

In an overall weak market, among top gainers have been UPL, GAIL, HUL, NTPC and Reliance, while losers include Tata Motors, SBI, Steel, Hero Motocorp, Bajaj Auto among others.

PSU Banks which showed strength in early trade also underperformed with losses of over 4 percent at the time of writing this copy due to profit booking.

Muthoot Finance board has approved raising of Rs. 6000 crore.

Meanwhile, European indices at the time of writing this copy on the last day of the trading week were down with losses of up to 1.4 percent on FTSE.

And now as bears have taken hold of the markets, there is seen some consolidation in the near term.

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