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Stock impact report

Sensex falls for fifth session as financials, autos drag [Reuters]

ICICI Bank Limited (IBN) 
Company Research Source: Reuters
Sensex falls for fifth session as financials, autos drag | Reuters 3 Min Read (Reuters) - Indian shares extended losses to a fifth session on Monday, dragged by financials and automobiles, while investors took a cautious stance ahead of a U.S. Federal Reserve meet on Tuesday. The benchmark indexes had plunged more than 3 percent on Friday as housing finance stocks witnessed heavy selling on worries over weak balance sheets. The broader NSE Nifty was trading 0.75 percent lower at 11,059 as of 0552 GMT while the benchmark BSE Sensex was down 0.67 percent at 36,595.38 as risk appetite was muted ahead of a two-day Fed meet that ends on Wednesday. “There are liquidity concerns ... financial stocks led the rally and now they are dragging the markets and it has a domino effect on sectors such as real estate and autos,” said AK Prabhakar, head of research at IDBI Capital. Indiabulls Housing Finance (INBF) fell 8.3 percent, while banking stocks such as ICICI Bank Ltd and State Bank of India Lt Show less Read more
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