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Loss in major banking and auto stocks force Indian market to post loss

| | Feb 01, 2016, at 10:26 pm
#Indian Market # Nifty # Sensex
Mumbai, Feb 1 (IBNS): The Indian stock market could not hold on to its opening upbeat trading on Monday and closed at a loss, with the Nifty closing at 7555.95 (down 7.60 points) and Sensex touching 24824.83 (down 45.86 points) largely due to the dip in share prices of banking stocks such as ICICI Bank and State Bank of India and auto major Maruti Suzuki.

Earlier on Monday, the share market was upbeat with  better-than-expected manufacturing data.

However, the loss in the banking and auto sectors were partly offset by the gains posted Larsen & Toubro, Adani Ports, Yes Bank, Coal India, ACC and Ambuja Cements.

According to media reports, the Reserve Bank of India (RBI) is expected to leave its key interest rate steady at 6.75 per cent at its monetary policy review on Tuesday and wait for the 2016-17 budget to be tabled on Feb 29 for future direction.

The Indian rupee slipped to hit the day's low at 67.82 to the USD.
 

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