NEW DELHI: Snapping its gains in previous session, the S&P BSE Sensex slipped over 300 points in trade on Monday following muted trend seen in other Asian markets.The 50-share Nifty index slipped below its crucial psychological level of 8450.The losses in the benchmark indices were led by index heavyweights such as HDFC, Infosys, Reliance Industries, L&T and HDFC Bank.The overall market breadth was mixed, with 5 out of every 10 BSE stocks quoting in the negative terrain.

The S&P BSE Midcap Index was down 0.02 per cent and BSE S&P Smallcap Index edged lower by 0.16 per cent. In intraday trade, Banking stocks rallied up to 17 per cent in trade today after the government launched a seven-pronged strategy to rejuvenate PSU banks.
The government on Friday unveiled a seven-pronged revamp plan to help struggling state-run banks, including a Rs 20,000-crore capital infusion lifeline besides hiring private sector executives for the first time to run public sector lenders.Bank of Baroda Ltd rallied 15 per cent, Bank of India Ltd spiked over 9 per cent, while State Bank of IndiaBSE 2.81 % added nearly 4 per cent in intraday trade. CNX PSU Bank index rose over 5 per cent in trade today.

Major Asian markets were trading mixed. China’s Shanghai Composite and Hong Kong’s Hang Seng lost over 1 per cent each. South Korea’s KOSPI fell 0.4 per cent, while Singapore Straits Times shed 0.8 per cent. Bucking the weak trend, Japan’s Nikkei rose over 0.4 per cent.Continuing with its recent downward bias, rupee depreciated 25 paise to 65.1256 against the US dollar in trade today. The domestic currency had snapped a seven-day losing streak, settling 10 paise higher at 65 against the greenback on Friday.

Source : http://economictimes.indiatimes.com/markets/stocks/news/sensex-slips-below-28000-falls-over-300-points-nifty-tests-8450-psu-banks-rally/articleshow/48508179.cms

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