Sell-off in banking stocks drag equity indices lower (Second Lead)

Mumbai Oct 18 (IANS) A massive sell-off in banking sector stocks pulled the key Indian equity indices lower on Wednesday.

According to market observers heavy selling pressure in the banking healthcare and consumer durables stocks along with low volumes and profit bookings eroded investors risk-taking appetite.

The 30-scrip Sensitive Index (Sensex) provisionally closed 24.81 points or 0.08 per cent lower during the day s trade.

Similarly the wider 50-scrip Nifty of the National Stock Exchange (NSE) provisionally closed on a negative note. It inched down by 23.60 points or 0.23 per cent to close at 10 210.85 points.

The Sensex of the BSE which opened at 32 518.56 points provisionally closed at 32 584.35 points (at 3.30 p.m.) lower by 24.81 points or 0.08 per cent from Tuesday s close at 32 609.16 points.

The Sensex touched a high of 32 670.32 points and a low of 32 462.85 points during the intra-day trade.

"The NSE Nifty edged lower on Wednesday retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country s banking sector " Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS.

"Axis Bank contributed to most of the losses on the NSE index and also led the losers on the NSE Bank index which shed about 1.4 per cent."

--IANS
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