Sensex closes 675-pts Lower; Axis Bank Shares slip

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Markets ended the day sharply lower led by losses in Banking stocks. The Sensex closed with losses of 675-points at 27,590.95, while the Nifty-fifty slipped 170-points to quote at 8,083.80.

Banking stocks were significantly lower following to a rating agency down-graded the outlook on India Banks to negative.

Axis Bank, IndusInd Bank, ICICI Bank as well as Titan were among the major losers today, while Sun Pharma, Cipla, ITC GAIL India and Oil&Natural gas Corp (ONGC) were among the gainers. Shares in ONGC closed the day over 6-pc higher, after crude oil prices rallied in the international markets. Track all time best stock tips today, best bank nifty tips from here.

Among the sectoral indices, the Nifty pharma index gained by 4.77-pc followed by nominal gains in the Nifty consumer goods index (FMCG), up by 0.68-pc.

Meanwhile, majority European markets were trading with losses led by the DAX of German. The U.S markets are also moving on a weak note.

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