According to reports, the market chose to remain cautious ahead of the inauguration of Donald Trump as US President on Friday.
Downbeat banking stocks, led by the decline in share price of Axis Bank, also affected market sentiment.
On Friday, the Ministry of Finance also announced an amendment in in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016.
The Government of India, in consultation with the Reserve Bank of India, had notified under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 dated December 16, 2016, deposit shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016.
The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday).
In this connection, on Friday, the Ministry clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016.
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