Indian Markets extend losses, ends 1.5% down - LuvKush Finserve

Markets extended losses to end 1.5% down on Wednesday, amid weak global cues, with bank shares leading the fall after the RBI mooted extra provisioning and capital requirement for banks' exposure to companies with unhedged forex exchange positions. Further, the weakness in the rupee and rising crude oil prices also weighed on market sentiment. The Sensex ended down 286 points at 19,178 and the Nifty ended down 87 points at 5,771.

The rupee extended losses tailing weakness in stocks. The Indian unit was at 60.23, down from an intraday high of 59.84. The rupee had again slipped below the 60 mark at 60.03 in early trade at the Interbank Foreign Exchange market, on heavy dollar demand tracking strengthening of the US currency overseas.

Realty index was the top loser among the sectoral indices down 4.6% followed by Metals, Consumer Durables, Power, Bankex, Capital Goods, Oil and Gas all down over 2% each. Among bank shares, ICICI Bank, SBI, HDFC Bank ended down 1-4.6% each while mortgage lender HDFC close 2.7% lower. Other Sensex losers include, TCS, Bharti Airtel and Dr Reddy's Labs. Sensex gainers include, ITC, Sun Pharma and Jindal Steel. The BSE Mid-cap index ended down 1.7% and the Small-cap index closed 1.4% lower.

Source : Equity Bulls

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