Indian Markets end near day's low on Wednesday - LuvKush Finserve

Markets ended trades near the day's lows. The Sensex ended down 202 points at 19,362 Nifty ended down 63 points at 5,851, shrugging off the Prime Minister's comments about the recovery of the economy. Financial shares were down after higher-than-expected industrial growth in January and retail inflation remaining in double digits for the third straight month diminished hopes of a rate cut by the central bank.

BSE Bankex slumped 2% at 13,515 after Indian bank's credit to industry grew at sluggish space in January compared with year ago. ICICI Bank was down 3.2% at Rs 1,086. HDFC Bank was down 1.3% while SBI slipped 1% in trades.

Consumer Durables Index was among the top loser among the sectoral indices on the BSE for the second straight session, down 1.5% at 6910, after high inflation for the past few months has led to lower spends on consumer durables.

Auto shares fell with the BSE auto index dropping 1.5% at 10,669. According to reports, passenger car sales in the Indian market hit a 12-year low in February, declining 25.7 per cent to 158,513 units, as high interest rates and rising fuel costs continued to keep off consumers from showrooms.

BSE market breadth was negative. Out of 3,013 stocks traded, 1,893 shares declined while 992 shares advanced.

Source : Equity Bulls

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