The Indian markets closed in the red for the week with the Sensex slipping 67 points, 0.37 percent lower to close at 17,783 and the Nifty closing at 5386 with a loss of 29 points, 0.53 percent lower.
Most sectoral indices including the Metals, IT and realty ended in the red. The Bank Index led the pack, and was down almost 130 points. This comes after the RBI showed no signs of acting to ease rates despite flailing growth. ICICI Bank was down close to 2 percent, and SBI inched to a percent’s loss.
Among the index heavyweights, Infosys snapped after yesterday’s gains and closed with over a percent’s loss after Bank of America-Merill Lynch warned that it was cautious on the stock on a gloomy demand environment.
Stocks in news
Coal India ended the week 2.30 percent higher as the company proposed a share buyback.
SBI ended 0.92 percent down after the Bank’s chairman said he wants CRR abolished.
RIL extended losses and further spiraled downward and ended the week 2 percent loss after investors booked profits on concerns the firm would see lower refining margins.
IFCI tanked close to 16 percent after media reports that government exercised its option to convert Rs 923 crore worth of debentures into equity with immediate effect.