Sensex ends around 34300 mark; Nifty near 10550

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Mumbai- Massive sell-off in banking sector stocks pulled the key Indian equity indices - S&P BSE Sensex and NSE Nifty50 - lower on Wednesday.

Sentiment in India took a hit after the Reserve Bank of India late on Monday tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half-a-dozen existing loan-restructuring mechanisms.

Around 1.20 p.m., the wider Nifty50 of the National Stock Exchange edged higher by 71.45 points or 0.68 per cent at 10,572.35 points.

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However, it slipped on profit-booking to touch a low of 34,028.68. On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 34,207.57 points, traded at 34,381.94 points - up 225.99 points or 0.66 per cent from its previous close. Industrial output grew by 7.1 percent in December and retail inflation eased in January to 5.07 percent.

Foreign portfolio investors (FPIs) sold shares worth Rs 814.11 crore on net basis on Monday, while domestic institutional investors bought shares worth Rs 1,342.70 crore, provisional data showed.

The Nifty PSU bank index shed as much as 2.8 percent, with SBI leading the decline with a 2 percent fall.

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Headline consumer price inflation is expected to slow to 1.9 percent a year, with core inflation at 1.7 percent, Reuters reported.

However, Coal India, RIL, Wipro, Bharti Airtel, Adani Ports, Tata Motors, L&T, HDFC Ltd, HUL and IndusInd Bank ended higher, rising up to 2.47 per cent.

Among individual stocks, Punjab National Bank (PNB) continued its journey south on Thursday with the stock slipping almost 8 percent.

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On the contrary, Indiabulls Housing Finance, Asian Paints and Aurobindo Pharma were among the top losers in the Nifty pack of stocks.

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