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Benchmark share indices ended lower on Wednesday weighed down by selling pressure in bank shares on concerns of rising non performing assets in wake of the economic slowdown. Selling in metal and capital goods shares also dampened market sentiment. The 30-share Sensex ended down 140 points at 17,301 and the 50-share Nifty ended down 51 points at 5,223.
Another reason could be that investors may have lost patience to hold on stocks on hopes of new reforms, new strategy to limit the rising fiscal deficit and diesel price cut by the government. Both houses of parliament were adjourned for the 11th day of monsoon session as the Bharatiya Janata Party stuck to its protest over coal allocation scam.
PARLIAMENT ADJOURNED AGAIN AHEAD OF COAL SCAM
Continuing protests for the 11th day by the Bharatiya Janata Party (BJP) over coal block allocations forced adjournment of the Lok Sabha Wednesday, even as members from the Samajwadi Party joined the protests inside the House against the promotions quota.
INDIAN STOCK MARKET TREND 6 September
Indian share market today closed in red. As we stated earlier, Sensex dragged and Nifty also unable to show some good up moves. For tomorrow we expect market to trade rangebound. Indian parliament is adjourning daily and in some or the other way it is effecting market. Market may behave volatile. Use wait and watch strategy
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1. Sell Bank of Baroda with a target of 580: Sandeep Wagle
