Indian shares gave up early gains to close a tick lower on Thursday, weighed by a sharp drop in banking stocks as investors sifted through a slew of corporate earnings ahead of festive season. The broader NSE index ended 0.19% lower at 11,582.60, while the benchmark BSE closed down 0.1% at 39,020.33.
Bank stocks were hammered the most, with the Nifty PSU Bank index, which tracks the country's state-owned lenders, tumbling as much as 5.85%. Shares of Indian Bank shed over 13%, while State Bank of India slipped 4.7%. Telecom tower infrastructures provider Bharti Infratel Ltd slid over 8% and was the top percentage loser on the NSE index.
Shares of Maruti Suzuki India Ltd closed down 0.66% after the maker of the iconic Maruti 800 posted a slide in quarterly profit. Infosys Ltd closed down 2.34% after the software exporter said the US Securities and Exchange Commission and the Securities and Exchange Board of India have started a probe into the whistleblower complaints from earlier this week. Shares of Reliance Industries Ltd and Eicher Motors Ltd were among the few gainers on the NSE index, closing up 3.16% and 2.49%, respectively.
Comments
Comments are closed.