Sensex turns red, banking stocks fall out of favour

Mumbai, Jan 17 (IANS) Reversing early gains, major indices traded lower during Thursday afternoon's trade session. The benchmark Sensex declined over 60 points while the Nifty slipped below the 10,900-mark. According to market participants, investorts were catious ahead of the third quarter results by Reliance Industries and Hindustan Uniliver, to be announced later in the day. Banking stocks declined close to 0.5 per cent after the key sectors index gained the most on Wednesday. At 1.19 p.m., the S&P BSE Sensex traded 65.69 points, or 0.18 per cent lower, after touching an intra-day high of 36,468.42 and a low of 36,253.31. The benchmark index opened over 100 points higher at 36,413.60, from its previous close of 36,321.29 on Wednesday. The broader Nifty also dropped by 12.65 points or 0.12 per cent at 10,877.65. Globally, markets traded on a mixed note amid political uncertainity in the UK over Brexit and the longest-ever partial shutdown of the US government. However, British Prime Minister Theresa May won a confidence vote in the House of Commons on Wednesday, averting any immediate risk of an early general election.