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Sensex, Nifty Struggle For Direction As Banks And Financials Drag
(RTTNews) - Indian shares opened a tad lower on Friday as weak U.S. economic data rekindled worries about slowing global growth.
The benchmark S&P BSE Sensex slipped 20 points to 65,961 in early trade while the broader NSE Nifty index was up 18 points at 19,783.
Banks and NBFC's were coming under selling pressure after the RBI raised risk weights on consumption loans, credit card exposures and loans to non-bank financiers by 25 percentage points each.
Bajaj FinServ, Bajaj Finance, SBI and Axis Bank dropped 1-2 percent.
RBL Bank slumped 7.2 percent and Adithya Birla Capital plunged 5 percent.
UCO Bank fell nearly 2 percent after an announcement that it has recovered around Rs 649 crore out of Rs 820 crore which was "erroneously credited" to some customers due to a technical issue.
ONGC gave up 1.2 percent and Oil India declined half a percent after crude oil futures fell nearly 5 percent on Thursday on concerns about oversupply and waning demand in the U.S. and China.
State-run refiners advanced, with BPCL, HPCL and IOC rising between 1.1 percent and 1.6 percent. Paint manufacturer Asian Paints rallied more than 3 percent.
JSW Infrastructure soared 5.6 percent on winning a bid to develop a greenfield port in Karnataka.
Automakers Hero MotoCorp and Bajaj Auto were up around 2 percent each. SBI Life jumped nearly 5 percent on brokerage upgrades.
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