HCL Tech was the top loser in the Sensex pack, skidding over 4 per cent, followed by Tech Mahindra Dr Reddy's, Wipro, TCS, Titan and Infosys. NSE Nifty plunged 167.80 points to 17,110.15.
The meeting between Cabinet secretary K M Chandrasekhar and heads of banks along with representatives of chambers will be held at a time when almost 50 per cent of PSU banks have reduced their benchmark lending rates effective from Thursday. Prime Minister Manmohan Singh had said there is scope for further cuts in interest rates in his meeting with industrialists last week.
Bharti Airtel was the top loser in the Sensex pack, dropping 4.34 per cent, followed by PowerGrid (2.26 per cent), Sun Pharma (1.75 per cent), M&M (1.67 per cent) and TCS (1.60 per cent).
The 50-component Nifty closed at 10,214.75, a solid gain of 96.70 points, or 0.96 per cent
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets.
The benchmark BSE Sensex reclaimed the 28,000 mark, spurting by 409 points or 1.4% at 28,114 and Nifty settled above the 8,500 mark at 8,532, gains of 111 points.
Discarding a weak economic growth number, markets today rose for the fourth straight day with BSE Sensex gaining 169 points to close at a new 19-month high on hopes of imminent rate cut to revive the slowing economy.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
According to advance estimates of the Central Statistical Organisation, the Indian economy is likely to grow at 7.1 per cent in the current fiscal, against 9 per cent a year earlier. Despite slowdown, the numbers are well in line with what the government, RBI and prime minister's economic panel have been projecting.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
Home and auto loans are likely to become more cheaper with several PSU banks promising to revise their lending rates if RBI eases its monetary policy on Saturday.
M&M was the top loser in the Sensex pack, shedding over 2 per cent, followed by Dr Reddy's Bharti Airtel, Tech Mahindra, HUL, ICICI Bank and Infosys. NSE Nifty dropped 64.80 points to 14,341.35.
The S&P BSE Midcap and S&P BSE Smallcap indices gained 0.4% and 1%, respectively
Most brokerages have maintained their Sensex and Nifty targets as they believe there is little room for further re-rating in the backdrop of weak earnings.
The department of investment and public asset management is racing against time to launch the LIC IPO, which could become the largest-ever listing on the Indian bourses. This would lead to some delay in the strategic divestment of IDBI Bank.
'Today, three areas give banks a big headache -- steel, power, infrastructure.' 'Three Cs are very critical in lending -- character, capacity and collateral of the borrower.'
'It really doesn't matter that investors getting allotments sell their IPO stock holdings on listing day because a new set of investors are entering.' 'This explains the continued rise in stock prices even after the first day of listing.'
Banking stocks dipped with Nifty PSU Bank index falling 1.7% after the government notified the ordinance that seeks to tackle non-performing loans in the sector.
Buoyed by better than expected economic growth last fiscal, Finance Minister Pranab Mukherjee on Wednesday expressed hope that the economy, spurred by fiscal and monetary stimulus packages, would turn around soon.
The present consolidation can be used to buy into some fundamentally good blue chips including select PSU banks that have lagged the general market, says Sonali Ranade
The government's 4 per cent stake sale in Hindustan Copper was on Friday over-subscribed, marking the start of ambitious Rs 30,000-crore (Rs 300 billion) disinvestment programme that is crucial for meeting the fiscal deficit target.
The state-owned carrier Indian has finally made its way into the e-ticketing club.
The rupee declined by 18 paise to 55.44 against the dollar in early trade on Friday, snapping four sessions of gains, at the Interbank Foreign Exchange on fresh demand for the American currency.
The 30-share Sensex surged 435.16 points, or 1.33 per cent -- its biggest single session gain since May 25
In the last two months, these stocks have lost nearly a quarter of their market cap.
The gross non-performing assets of public sector banks rose to 6.03% at the end of June.
Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
Consumer Durables, FMCG, IT, Auto, Metal & PSU, Banks, Capital Goods, Oil, Realty & Healthcare have ended negative in varying degrees while no sector has ended in positive territory.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
From the 30-share pack, 18 stocks ended with gains led by SBI, which surged 27.58 per cent, and ICICI Bank 14.69 per cent.
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