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Bank stocks drag St down, Sensex sheds 31 points

Amid banks slashing marginal cost of funds-based lending rate (MCLR) on Monday, markets traded on a lacklustre note on the first trading day of 2017.

Key benchmark indices ended with marginal losses, with the Sensex falling 31.01 points, or 0.12%, to close at 26595.45 while Nifty losing 6.30 points, or 0.08%, to end at 8,179.50.

HDFC led the pack of losers falling 3.45%, SBI 2.46%, ICICI Bank 1.37%, Axis Bank 0.73% and HDFC Bank 0.57%. Stocks of Infosys, GAIL, Cipla, Wipro too were major laggards.

Aditionally, stocks of realty companies soared on the back of Prime Minister Narendra Modi’s credit sops. Unitech, DLF, HDIL, Oberoi Realty, Sobha, Godrej Properties, Indiabulls Real Estate and Omaxe increased upto 6.65%.

Further, Bajaj Auto fell 1% while Maruti Suzuki gained 2.69%. Mahindra & Mahindra on the hand, rose 3.42% and Tata Motors climbed 3.37%.

The Nikkei Markit India Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6, down from 52.3 in November. Manufacturing PMI in India fell to 49.60 in December 2016 from 52.30 in November.