Sensex ends lower; banks, tech stocks fall

MUMBAI (Reuters) – The BSE Sensex edged lower on Monday as state-run lenders fell on disappointment over a lack of significant announcements after a two-day banking conclave attended by Prime Minister Narendra Modi, while technology stocks also fell.

The falls snapped a six-day winning streak and marked the indexes’ first losing session of the year.

The Nifty ended down 0.2 percent at 8,378.40 after earlier gaining as much as 0.6 percent to its highest since Dec. 8. The benchmark BSE Sensex closed 0.16 percent lower at 27,842.32.

Banking stocks fell after a two-day meeting of public sector banks convened by Modi ended with an announcement that state-owned lenders needed more autonomy but without any details of proposed reforms.

State Bank of India lost 0.8 percent, while Punjab National Bank (PNBK.NS) ended 0.9 percent lower.

Technology stocks fell ahead of the quarterly earnings reporting season that kick-starts with Infosys’ (INFY.NS) results on Jan. 9.

Infosys closed down 0.9 percent while Tata Consultancy Services (TCS.NS) ended 1.5 percent lower.

(Reporting by Indulal PM; Editing by Biju Dwarakanath)

You may also like...

Rules of Discussion on Sensex ends lower; banks, tech stocks fall

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is strictly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Members are requested to flag any violations to keep Forum Clean.
Note: If old messages appear, it is due to browser cache. Please refresh the page with pressing F5 or Ctrl+F5 and current message will appear.