Indian market closes lower on Wednesday
Mumbai, Dec 20 (IBNS): The Indian market closed lower on Wednesday with the BSE Sensex was down 59.36 points at 33,777.38 and NSE Nifty was down 19 points at 10,444.20.
Top stocks of the day included Hindalco, ONGC, Wipro, Hero Motocorp, Tata Motors (D), Larsen and Infosys while Eicher Motors, Dr Reddys Labs, Bharti Airtel, Ambuja Cements, Tata Steel, HDFC, HDFC Bank and HPCL declined.
On Wednesday, the Union Ministry of Finance said that the Central government has so far infused capital of Rs. 51,858 crore in PSBs under the Indradhanush Plan.
The Union government allocated a sum of Rs. 22,915 in 13 Public Sector Banks (PSBs) during the FY 2016-17 under first tranche of capital infusion out of which a sum of Rs. 16,414 (75%) was infused upfront and the remaining amount was to be infused based on the performance of the respective banks.
It has also proposed to make available Rs. 70,000 crore out of budgetary allocations for infusing capital in PSBs. Amounts of Rs. 25,000 crore each in the financial years 2015-16 and 2016-17, and Rs. 10,000 crore each in financial years 2017-18 and 2018-19, were envisaged.
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