Sensex closes in red; Bank stocks down on money laundering probe

The Indian equity markets snapped gains and ended in red as RBI's monetary policy comes close.

FP Staff March 15, 2013 15:57:52 IST
Sensex closes in red; Bank stocks down on money laundering probe

The Indian equity markets snapped gains and ended in red as RBI's monetary policy comes close.

Sensex closed at 19416.87, down 0.78 percent and the Nifty closed at 5872.60, down 0.62 percent.

Global rating agency, Standard and Poor's said that the slowdown in India's economic growth is less supportive for the country's sovereign credit ratings, and the government may find it challenging to meet the revenue projections in its 2013/14 budget.

Sensex closes in red Bank stocks down on money laundering probe

ICICI Bank closed 4 percent down. Reuters

Ratan Tata also said he expects India to re-establish its economic growth at 7 percent plus rate in the next couple of years but it will not be able to achieve over 8 percent it had prior to the 2008-09 global financial crisis.

Additionally, finance ministry officials confirmed that the government will finalise its market borrowing calendar for April-September on March 18 in consultation with RBI officials.

ICICI Bank closed 4 percent down , while HDFC Bank closed down 2 percent and Axis Bank closed down 1 percent and as the finance ministry and central bank investigate allegations of money laundering practices at top private sector lenders.

Meanwhile, Goldman Sachs said in a report that the allegations, if proven, could slow growth for private sector lenders in India.

Stocks in news

Nalco closed down 9 percent after government fully covered its 5 percent share sale in the company.

Jubilant Foodworks closed up 3.49 percent after Deutsche Bank raised its target price.

With inputs from Reuters

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