Indian Shares End Lower; Banks, Tech Stocks Fall

Indian shares edged lower as state-run lenders fell on disappointment over a lack of significant announcements after the banking conclave.

Published: 08th January 2015 06:03 AM  |   Last Updated: 08th January 2015 06:03 AM   |  A+A-

MUMBAI: Indian shares edged lower on Monday as state-run lenders fell on disappointment over a lack of significant announcements after a two-day banking conclave attended by Prime Minister Narendra Modi, while technology stocks also fell.

The falls snapped a six-day winning streak and marked the indexes' first losing session of the year.

The NSE index ended down 0.2 percent at 8,378.40 after earlier gaining as much as 0.6 percent to its highest since Dec. 8. The benchmark BSE index closed 0.16 percent lower at 27,842.32.

Banking stocks fell after a two-day meeting of public sector banks convened by Modi ended with an announcement that state-owned lenders needed more autonomy but without any details of proposed reforms.

State Bank of India lost 0.8 percent, while Punjab National Bank ended 0.9 percent lower.

Technology stocks fell ahead of the quarterly earnings reporting season that kick-starts with Infosys' results on Jan. 9.

Infosys closed down 0.9 percent while Tata Consultancy Services ended 1.5 percent lower.

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