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Sensex hovers around 25000, Nifty weak as banks tumble

Dec 11, 2015, 01.36 PM | Source: Moneycontrol.com

ICICI Bank, Axis Bank, SBI, ONGC and L&T are major losers in the Sensex while Tata Steel, Infosys, HUL and TCS are top gainers.

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Sensex hovers around 25000, Nifty weak as banks tumble

ICICI Bank, Axis Bank, SBI, ONGC and L&T are major losers in the Sensex while Tata Steel, Infosys, HUL and TCS are top gainers.

13:29

TheNewsInternational Team

1:30 pm Banks stocks fall:

Bank stocks are reacting negatively to Reserve Bank of India Governor Raghuram Rajan’s comments. The RBI has said that accounts under SDR (strategic debt restructuring) may attract early provisioning. RBI’s annual financial inspection process ensures clean up of bank balance sheets by March 2017.  It seeks to stem discrepancy between banks in re-cognising bad loans.

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The market has tumbled further, financials leading the fall with Bank Nifty down over 2 percent. The Sensex is down 231.60 points or 0.9 percent at 25020.72 and the Nifty slips 74.85 points or 0.9 percent at 7608.45. About 907 shares have advanced, 1596 shares declined, and 164 shares are unchanged.

ICICI Bank, Axis Bank, SBI, ONGC and L&T are major losers in the Sensex while Tata Steel, Infosys, HUL and TCS are top gainers.

Crude oil prices remained at levels not seen since early 2009 on Friday as output in the Middle East continued to rise despite an already huge global glut, with analysts saying the price outlook for the rest of the year and into 2016 remained weak.

Brent crude futures were down 29 cents at USD 39.44 a barrel at 0551 GMT, a touch above a near-seven-year low hit earlier in the session at USD 39.38 a barrel. The price rout is a result of a huge overhang in production that is fast filling onshore storage sites, which some analysts expect to run out in early 2016.

12:00

Nifty breaks 7600, Sensex falls 261 pts; banks, L&T drag

Shares of ITC, ICICI Bank, HDFC Bank, L&T, Axis Bank, ONGC and Mahindra & Mahindra were down 1-2 percent.

Read More »

11:00

Sensex, Nifty sluggish; Metals, IT indices gain momentumRead More »

Tata Steel, Vedanta, Hindalco, Infosys and Reliance are top gainers while ITC, ONGC, NTPC and Axis Bank are losers.

Read More »

10:00

Sensex, Nifty remain weak; Lupin, Infosys, Hindalco gainersRead More »

Tata Steel, Lupin, Hindalco, Sun Pharma and Infosys are top gainers while ITC, L&T, NTPC, Axis Bank and BHEL are major laggards.

Read More »

09:15

Sensex, Nifty open flat; Tata Steel rallies, ITC & RIL dragRead More »

Tata Steel, Infosys, ICICI Bank, Hindalco, GAIL, Hindalco and Cairn India were early gainers while ITC, M&M, Wipro, Coal India, NTPC, Kotak Mahindra Bank and Reliance Industries were under pressure.

Read More »

READ MORE ON  BSE, Sensex, NSE, Nifty, market, RBI, Bank, ITC, ICICI
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