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Sensex Ends Lower; Banks, Tech Stocks Fall

Banking stocks fell after a two-day meeting of public sector banks convened by Prime Minister Narendra Modi ended with an announcement that state-owned lenders needed more autonomy but without any details of proposed reforms.
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Sensex Ends Lower; Banks, Tech Stocks Fall

Mumbai: The BSE Sensex edged lower on Monday as state-run lenders fell on disappointment over a lack of significant announcements after a two-day banking conclave attended by Prime Minister Narendra Modi, while technology stocks also fell.

The falls snapped a six-day winning streak and marked the indexes' first losing session of the year.

The Nifty ended down 0.2 per cent at 8,378.40 after earlier gaining as much as 0.6 per cent to its highest since December 8. The benchmark BSE Sensex closed 0.16 per cent lower at 27,842.32.

Banking stocks fell after a two-day meeting of public sector banks convened by Prime Minister Narendra Modi ended with an announcement that state-owned lenders needed more autonomy but without any details of proposed reforms.

State Bank of India lost 0.8 per cent, while Punjab National Bank ended 0.9 per cent lower.

Technology stocks fell ahead of the quarterly earnings reporting season that kick-starts with Infosys' results on January 9.

Infosys closed down 0.9 per cent while Tata Consultancy Services ended 1.5 per cent lower.

Copyright: Thomson Reuters 2015



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