Key Indian equity indices trade lower during early session

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The barometer 30-scrip BSE Sensitive index (Sensex) slipped below the psychologically important 30,000-point mark, however, the wider NSE Nifty retained its position above the 9,300-point level.

Banking stocks surged on both Nifty, Sensex after when Cabinet on Wednesday approved the amendments to the Banking Regulation Act to resolve the bad loans crisis.

The 51-share NSE Nifty fell 74.60 points or 0.80 per cent to settle at 9,285.30.

Mumbai: Equities sank the most in six weeks as the Sensex crashed 267 points to close below 30,000 while the Nifty retreated from a life high amid a lower opening in Europe ahead of key USA jobs data and slide in crude prices.

The Sensex, which opened at 30,069.72 points, traded at 30,066.15 points (at 1.00 p.m.) - up 171.35 points or 0.57 per cent from its previous close at 29,894.80 points.

The 30-share index was trading 99.41 points, or 0.33 per cent, higher at 30,020.59 with all sectoral indices led by realty, power, auto, metal and capital goods trading in the positive zone.

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Anand James, Chief Market Strategist of Geojit Financial Services, said: "Markets remained edgy following sharp plunge in oil which also dragged metal stocks lower. Banking sector stocks failed to hold gains in the second half of the session and traded with mixed sentiments", Desai told IANS.

The BSE Mid-cap and Small-cap indices rose 0.48 percent and 0.36 percent respectively.

The automobile index dipped by 258.85 points, and the oil and gas index fell by 232.19 points.

Major gainers were ICICI Bank 9.24 per cent, Adani Ports 3.68 per cent, Axis Bank 3.63 per cent, SBI 3.27 per cent, HUL 2.36 per cent, ITC 1.41 per cent, Asian Paints 1.29 per cent and Hero Motocorp 0.77 per cent.

The company said that its standalone profit jumped 188.4 per cent to Rs 2,024.6 crore, largely driven by net interest income and lower provisions but it was capped by a decline in other income and operating income.