Sensex edges lower; Bank stocks Drag
Indian shares edged lower on Wednesday, after posting their best day in nearly five months in the previous session, with investors booking profits in bank stocks that shed the most.
The Nifty Bank index fell as much as 0.44 percent, after rising 2.85 percent in the last three sessions. ICICI Bank Ltd fell as much as 1.8 percent, while State Bank of India declined as much as 0.7 percent.
"We are in the middle of the earnings season and there is likely to be more stock-specific moves rather than broad-based movement," said Anand James, chief market strategist, Geojit BNP Paribas Financial Services Ltd.
This week, companies such as Biocon Ltd , Reliance Industries Ltd, ACC Ltd , Wipro Ltd and HCL Technologies Ltd are slated to report quarterly results.
Investors also eye the ongoing government meet on the goods and services tax (GST) for clarity on new rates. The crucial GST Council meeting, comprising federal and state finance ministers, will decide the main tax rate and those for different sectors.
"With the GST council meet underway, the market looks ahead for fresh cues," James said.
Indian shares edged lower on Wednesday, after posting their best day in nearly five months in the previous session, with investors booking profits in bank stocks that shed the most. 
No comments:
Post a Comment