 "Sensex hits four-month low; ICICI Bank, SBI drag")
It was a flat close for Indian equity markets today as Sensex closed 55 points down on global cues.
Sensex closed at 18737.75, down0.29 percent and the Nifty closed at 5651.35, down, 0.13 percent
European shares were heading for their worst week since November and safe-haven German government bonds were at 2013 highs on Friday, as Cyprus scrambled to avoid a meltdown of its banking system and a possible exit from the euro. Asian shares also hovered near 2013 lows and gold stayed close to a one-month high on Friday.
[caption id=“attachment_671683” align=“alignleft” width=“380”] On the domestic front, the threatened withdrawal of the DMK could stall the government’s reform efforts. AFP[/caption]
As Cyprus scrambles to stave off a bankruptcy of its banks and a possible exit from the single currency, the euro group has expressed readiness to discuss a new proposal regarding implementation of a 10 billion euros ($13 billion) bailout for Nicosia offered by EU and IMF.
On the domestic front, the threatened withdrawal of the DMK could stall the government’s reform efforts as it would stall the passage of two crucial bills - FDI in insurance and pension bills as the parliament sets off on a four week break from tomorrow.
Stocks in news
SKS Microfinance closed up 4 percent after India’s only listed micro-lender today said it has completed two more securitisation transactions aggregating Rs 115 crore.
Tata Motors closed down 1.22 percent after briefly recovering in the morning trade after Jaguar Land Rover Ltd (JLR) said late on Thursday it does not expect any negative impact in sales in China from the new fuel standard norms in the country.
SAIL closed down 1 percent down after the state-owned steel major’s issue has been subscribed about 61.33 percent of the total stake that is on Offer For Sale at 1455 hours, amounting to bids worth Rs 928.84 crore.
Index heavyweights including TCS, ICICI Bank and SBI also closed in red.
With inputs from Reuters
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