Markets fall for 2nd day as SC ruling triggers selling in bank stocks
India TodayMarkets spiralled lower for the second straight day on Friday as banking shares slumped after the Supreme Court took a strong note of telcos not complying with its order to pay Rs 1.47 lakh crore in statutory dues. The broader NSE Nifty shed 61.20 points or 0.50 per cent to settle at 12,113.50 as banking, auto, FMCG and energy counters retreated. Rate-sensitive auto stocks dropped as official data showed wholesale inflation rising to 3.1 per cent in January, further reducing prospects of a rate cut by RBI. FMCG major ITC fell 1.98 per cent and HUL by 1.20 per cent following concerns over rising costs due to pick up in inflation. HCL Tech rose 1.42 per cent, ICICI Bank 0.9 per cent, RIL 0.86 per cent and Tech Mahindra by 0.72 per cent, limiting the fall in the Sensex.