Nifty PSU Bank index extended its losses and fell by 3% to a one month low even as Finance Minister Arun Jaitley said the RBI is releasing adequate amount of currency everyday. TCS was the biggest gainer of the day and was up by 2.23%, while Mahindra & Mahindra Financial, Bharat Financial Inclusion, Bajaj Finance were down in the range of 2-6%.

Nifty closed at 8,082.40, down 21.95, while BSE Sensex ended with a loss of 66.72 points at 26,307.98.

Non-banking finance companies witnessed a fall. Experts said they have taken a hit due to uncertainty over earnings after demonetisation and as Maharashtra government said it will set up a probe on violations by microfinance companies in the state.

Public banks have been under pressure for the past few sessions as some of the measures announced by the RBI to incentivise digital payments are seen increasing their cost of operations.

The stocks of Mahindra & Mahindra Financial, Bharat Financial Inclusion, Bajaj Finance, Can Fin homes, Dewan Housing Finance were down 2-6%.

Most Asian indices ended down as shares in the emerging markets declined after the Bank of Japan kept its key policy rates unchanged. However, rates in Japan rose after the country’s central bank upgraded its outlook for the Japanese economy.

Straits Times traded at 2,911.31 and Hang Seng was at 21,729.06, both in red, whereas Nikkei 225 traded in green at 19,494.53 at the time of the filing of this report.

Reliance Communications fell 2.4% as Fitch cut its debt rating to B+. Oil and Natural Gas Corp hit a low as oil ministry seeks to halve crude oil cess to 10% in the budget.

The Indian rupee was down as foreign banks buy dollars, likely for FPI’s outflow from domestic markets. Dollar demand from oil importers and a rise in dollar globally were the factors that contributed to the downfall.

Gold was at Rs 27120 and silver was at Rs 39085.

The rupee is trading at 67.90 as per dollar.

Out of 1447 stocks traded on the NSE, 1040 declined and 356 advanced today.

Top 5 Nifty Gainers: Bajaj Auto (1.12%), Lupin Ltd. (1.04%), HDFC (0.96%), Maruti Suzuki (0.85%) and SBI (0.77%).

Top 5 Nifty Losers: TCS (-0.76%), GAIL (-0.61%), Tata Motors (-0.51%), L&T (-0.50%) and ITC Ltd. (-0.48%)

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