Sensex edges lower banks hit, L&T falls

SENSEX-EDGES-LOWER-BANKS-HIT:Sensex edges lower banks hit, L&T falls

 

Reuters Market Eye - The Sensex falls around 0.04 percent, while the Nifty declines 0.02 percent. Banks lead decliners ahead of April-June GDP data due on Friday. Although weaker-than-expected growth could raise expectations for rate cuts, investors are wary given the RBI's continues hawkishness.

ICICI Bank down 0.6 percent while HDFC Bank falls 0.5 percent.

Larsen & Toubro falls 0.8 percent on media reports that the president of its power business, Ravi Uppal, may join rival Cairn India .

The Economic Times reports on Monday Uppal is considering the move, citing sources at both companies. The newspaper reported Cairn India said it cannot comment on the matter, while Uppal did not respond to phone calls.

 

However, Bharti Airtel gains 1.2 percent after the shortlisting banks to manage a share flotation for its telecom masts unit, with an aim to raise more than $750 million.