Indian shares extend fall banks hit

SENSEX-NIFTY-SHARES-STOCK-ICICI-AXIS-BANKS:Indian shares extend fall banks hit

 

REUTERS - The BSE Sensex fell 0.6 percent, while the 50-share NSE index also fell 0.71 percent, led by fall in private banks such as ICICI Bank and Axis Bank that fell on concerns of rising impaired loans.

Fitch Ratings says fiscal 2013 impaired assets across the banking sector may exceed its initial forecast as the economy slows.

Axis Bank declined 4.27 percent, while ICICI Bank fell 2.6 percent.

Kotak Securities sees a "subdued outlook" for Reliance Industries' refining and chemical cycles over the next 12-18 months, given unfavorable global supply-demand balance.