By, Bharti Navlani,
MUMBAI (Commodity Online): Indian stock markets today witnessed heavy selling pressure and Nifty closed over 65 points lower after facing series of flat close since last week.
Moody's Investors Service has changed its outlook for Indian banks to "negative" from stable citing concerns of increasingly challenging operating environment that can adversely hit asset quality, capitalization, and profitability of banks.
Banking, Realty and Metal were the major sectors to drag the market while FMCG and IT stocks bucked the market trend and managed to settle in positive zone.
The S&P CNX today opened at 5310 and remained quiet for most part of the day but heavy selling in last hour of the trade dragged Nifty to the low of 5212 and settled near days low at 5221 down by 68 point.
The Indian markets will remain shut on Thursday on account of the Guru Nanak Jayanti. Trading in the Indian stock markets will restart on Friday.
The European markets are also trading weak. The FTSE index is down by 68 points, DAX index is down by 109 points and CAC index is down by 71 points.
The market breadth, indicating the health of the market was weak. On NSE, 345 shares advanced while 1108 shares declined. Total of 45 shares remained unchanged.
Out of 50-share S&P CNX Nifty pack, 7 scrips advanced while 42 scrips declined. Hindustan Unilever was up by 3.3%, Wipro was up by 1.81% and TCS was up by 1.79% were the top gainers from the Nifty pack.
SBI was down by 7.2%, BPCL was down by 5.71% and Tata Steel was down by 4.4% were the top losers from the Nifty pack.
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Courtesy: www.makemystocks.com
