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Banking stocks weigh down markets
Tue, 14 Jul Closing

The Indian markets end on a flat note with mixed macro-economic data. The Sensex today ended lower by 29 points and the NSE-Nifty ended lower by 6 points. The S&P BSE Midcap and S&P BSE Smallcap ended the day trading higher by 0.14% and 0.36% respectively.

Asian markets finished on a mixed note at the most recent closing prices. Nikkei gained 1.47%, while the Hang Sang lost 0.41%. The rupee was trading at 63.46 against the US$ in the post noon session.

Stocks in the oil and gas sector ended their day on a mixed note with HPCL leading the winners and Essar Oil leading the losers. State-run oil and gas producers are expected to bear a subsidy burden of Rs 50-Rs 60bn this fiscal under a new subsidy sharing formula devised by the government. Oil and Natural Gas Corporation (ONGC) and Oil India, along with the government, compensate fuel retailers for losses they incur on selling cooking gas and kerosene at below-market rates. The government has decided to provide a subsidy of Rs 12 per litre of kerosene. Stock of ONGC ended the day on a negative note. Stocks in the banking sector traded on a negative note with DCB Bank and South Indian Bank leading the losers. Yes Bank has received approval from RBI to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec (GIFT) city. Yes Bank executive has said establishing the IBU will give boost to the bank's growth plans. The bank will have access to International financial markets. It would also allow the bank to raise foreign currency funding through Medium Term Notes (MTN). Stock of Yes Bank ended the day on an negative note.

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