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Indian Markets End Lower On Fund Worries

5/4/2012 6:26 AM ET

The Indian market ended sharply lower Friday amid sell-offs across a variety of sectors, after lawmakers said India is reviewing its tax treaty with Mauritius. Bulk of India's foreign investors are reportedly based in Mauritius.

The Benchmark BSE index lost 320.11 points to 16830.08 and the NSE Nifty lost 101.55 points to 5,086.85..

banking stocks suffered the most, with major lenders, State Bank of India and ICICI Bank leading the losers in eh sector. Bank of Baroda lost over 6 percent despite reporting a 17 percent jump in its fourth quarter net profits. Punjab National bank was down over 4 percent.

Public sector, BHEL dived close to 5 percent and auto maker Hero Motors lost nearly 5 percent..

Meanwhile, investors turned attention to the safe-haven pharma sector, with Cipla and Sunpharma ending as gainers.

by RTT Staff Writer

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