Financial News

Market registers modest losses, Sensex settles 267 points lower

closing bellThe Sensex and Nifty on Friday registered modest loses, as banking stocks dipped after the govt notified the Banking Regulation Act, while a drop in crude prices dragged down ONGC and Oil India.

The BSE Sensex ended at 29,858.80, down 267.41 points, while the NSE Nifty-50 closed at 9,285.30, down 74.60 points. The Nifty50 index reversed course soon after hitting its fresh all-time high of 9,367 in early trade.

In the broader market, the BSE Mid-cap and – BSE Small-cap indices settled 1 percent and 0.8 percent lower, respectively. The breadth, showing the overall health of the market, was weak. On the BSE, 2005 shares declined, 835 shares rose and a total of 140 shares were unchanged.

Tata Motors was the main Sensex & Nifty laggards, declining 3.7% to Rs 420 after its luxury car unit JLR reported a 2.3% fall in retail sales at 40,385 units in April 2017 y-o- y. Banking stocks dipped. Bank of India, Bank of Baroda, Allahabad Bank and Andhra Bank slipped between 4 to 5%.