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Sensex, Nifty End Lower As SBI Posts Third Straight Loss

Indian shares closed lower on Friday, with banks coming under selling pressure after State Bank of India, the country's largest lender, reported a loss for a third consecutive quarter on increased provisions for non-performing assets.

Weak global cues also kept investors nervous. Most Asian markets fell and European stocks were trading deep in the red as a banking crisis in Turkey coupled with lingering worries over a trade war between the world's two biggest economies dented demand for riskier assets.

The Turkish lira tumbled more than 14 percent in early trade to hit a new low amid a deepening rift with the United States and intensifying worries about the state of the economy.

Closer home, the benchmark BSE Sensex slid 155.14 points or 0.41 percent to 37,869.23, but ended the week up by 0.8 percent. The broader Nifty index dropped 41.20 points or 0.36 percent to 11,429.50.

SBI shares tumbled 4.6 percent while those of ICICI Bank declined 1.6 percent.
Sun Pharma, GAIL, Tata Motors and Vedanta lost 3-4 percent.

by RTTNews Staff Writer

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