Shares in the banking index struggled in trade on Wednesday as the index ended 0.93 percent lower.
Canara Bank was worst hit in trade, ending with losses of 2.45 percent, followed by ICICI shares which lost nearly 2 percent.
Banking shares fell on Wednesday ahead of the RBI’s policy review, with the sectoral index falling 1.6 percent.
Axis Bank shares fell 2.7 percent and ended as the top loser in the index, followed by SBI which dropped 2.3 percent.
Shares in Tata Motors ended down 2.84 percent on Tuesday and closed at 984 rupees.
UBS downgraded the stock to “sell” from “buy” and cut the price target to 920 rupees from 1,360 rupees on fears of constricted growth and margins.
The BSE Banking index ended the day down 1.5 percent with stocks like Yes Bank and ICICI falling more than 3 percent.
SBI shares however bucked the trend and ended marginally in green.
Worries about more rate hikes have been bothering this sector, and banking funds recorded a fall of more than 5 percent in May.
NEW DELHI (Reuters) – Diversified equity funds managed to perform better than the broader market in May, as exposure to sectors like capital goods and healthcare helped unit values.
Such funds, which form the largest category of equity funds by number and assets, fell 2.4 percent during the month, compared to a 3.3 percent fall in the BSE Sensex, data from Lipper, a Thomson Reuters company, showed.
The BSE Banking index gained more than 2 percent on Tuesday as the overall market ended firm after gaining over 250 points.
HDFC Bank shares rose more than 3 percent and ended as the top gainer in the index, followed by SBI which gained over 2.5 percent.
If you have been working for a few years, you would have accumulated a decent balance by now. But can you instantly access your latest PF balance, accumulated interest and check whether your employer has been making regular contributions or not?
Shares in Larsen & Toubro fell 2.2 percent on Wednesday as the overall market remained weak and ended down over 150 points.
RBS on Friday raised its rating on Larsen & Toubro to “buy” from “hold”, calling it the “best play on the broad-based longer-term capex story”. It also raised the price target on the stock to 1,854 rupees from 1,800 earlier.
It was a weak day of trade for banking counters as the BSE Bankex ended down 2.85 percent.
All stocks in the index ended in red, with Canara Bank ending as the top loser with losses of over 4 percent. Top banks like ICICI dropped 3.6 percent while SBI slipped nearly 3 percent.