Closing bell: Weak global cues drag down equity indices, banking stocks suffer

Closing bell: Weak global cues drag down equity indices, banking stocks suffer

Equity benchmark indices closed in the negative zone on September 09 following losses in Asian markets after yesterday's rout in Wall Street.

Forecasts of double-digit contraction by several global rating agencies in FY21 GDP, rising coronavirus cases and geopolitical tensions drove investors to safer assets.

The BSE SandP Sensex closed 171 points or 0.45 per cent lower at 38,194 while the Nifty 50 was down by 39 points or 0.35 per cent at 11,278.

Most sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank slipping by 2.5 per cent, private bank by 1.7 per cent and financial service by 1.8 per cent.

But Nifty pharma gained by 1.9 per cent and metal ticked up by 1.2 per cent.

Among stocks, State Bank of India was the top loser after dropping by 4 per cent to Rs 195.70 per share.

Axis Bank slipped by 2.7 per cent, ICICI Bank by 2.2 per cent, Bajaj Finserv by 2.9 per cent and Bajaj Finance by 1.9 per cent.AstraZeneca Pharma India's stock closed 3.2 per cent down to Rs 4,080 per unit after its parent company voluntarily paused a randomised clinical trial of a coronavirus vaccine after a volunteer developed an unexplained illness.