Weak global cues and profit booking pull down indices
Sensex, which was down 250 points during intraday trade managed to cut down its losses at the close of business.
Although Punjab National Bank (PNB), which reported its latest March quarter earnings on Wednesday, posted a net loss of 5370 crore -- due to higher provisioning for bad loans -- the biggest quarterly loss in the history of Indian banking, PSU banking stocks fared well. PNB's shares gained three per cent.
Some of the stocks that gained on Wednesday were State Bank of India, ONGC, Lupin, Larsen & Toubro and HCL Tech while Bosch, ZEEL, Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra saw a dip in share prices.
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