Markets@Moneycontrol: Bank stocks drag benchmark indices down

The market fell sharply in last hour of trade today as benchmark indices ended at fresh closing lows for this calendar year, despite strong global cues, as a fall in bank stocks weighed on them.

All sectoral indices ended today’s session in the red.

Frontline indices extended losses for the fifth consecutive session, after ICICI Bank managing director and CEO Chanda Kochhar and her Axis Bank counterpart Shikha Sharma were summoned by the Serious Fraud Investigation Office (SFIO) in the Rs 12,700-crore PNB fraud case.

The 30-share BSE Sensex was down 429.58 points or 1.27 percent at 33,317.20 and took the total five-day loss to 1,128 points. The 50-share NSE Nifty dropped 109.60 points or 1.06 percent to 10,249.30.