Sensex, on Wednesday, declined 117points and closed at 28,883 as banking stocks continued to be under pressure on account of higher NPAs and provisioning which has led to subdued profits in Q3FY15. The sentiments were also impacted due to sluggish core sector growthand absence of rate cut by RBI.
Among sectors, Capital Goods, Bankex, Power, Consumer Durables, and Auto declined over 1 percent each. Among stocks, Axis Bank, BHEL and SBI plunged over 2 percent each. Market breadth was negative with 1,572 declines against 1,331 advances.
Nifty fell 33 points and closed at8,724. Today we expect the markets to open flat in the absence of firm global cues.
US markets ended on a mixed note yesterday; Dow closed 0.04 percent up, while Nasdaq fell 0.23 percent as Greek worries resurfaced coupled with a sharp plunge in crude oil prices. US markets, today, will see data releases on Trade Balance, Unemployment Claims, Prelim Non-farm Productivity q/q, Prelim Unit Labor Costs q/q, Challenger Job Cuts y/y, and Natural Gas Storage.
Asian markets are trading on a mixed note with Nikkei down 0.98 percent and Hang Seng up 0.48 percent. While Nikkei is down due to subdued corporate earnings of certain index heavyweights, Hang Seng is up as China has lowered the Reserve Requirement Ratio. SGX Nifty is trading up 9.5 points at 8,765.
Indian ADRs ended the day on a mixed note. Among financialADRs, ICICI Bank closed 1.73 percent down and HDFC Bank closed 2.1 percent up. Among IT ADRs,Wipro was down 1.06 percent, while Infosys was up 0.75 percent. Tata Motors was down 1.81 percent.
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