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Weak end to the week
Fri, 26 Jun Closing

The weak sentiments in the Indian markets continued throughout the day with the BSE-Sensex closing lower by about 84 points, while the NSE-Nifty closed lower by about 17 points. S&P BSE Midcap and S&P BSE Smallcap ended the day on a flat note. Most sectoral indices posted losses, with capital goods and banking stocks being the top losers today.

European equities were weak again as Greek talks draw another blank. Asian markets finished broadly lower today with shares in China leading the region. The Shanghai Composite is down 7.40% while Hong Kong's Hang Seng is off 1.79% and Japan's Nikkei 225 is lower by 0.31%. The rupee wiped off its initial losses and was trading a tad strong at 63.61 against the US$.

According to a leading financial daily, Bajaj Corp is seeking shareholders' nod to raise Rs 10 bn by issuing equity shares to institutional buyers through Qualified Institutional Placement (QIP). The company would consider the proposal to raise the sum at its Annual General Meeting to be held on July 20, 2015. The company would issue securities in one or more tranches through Qualified Institutional Placements to Qualified Institutional Buyers, Global Depository Receipts and American Depository Receipts. Bajaj Corp is engaged in the manufacturing of hair oils. The company markets its hair oil under the brand names Brahmi Amla, Amla Shikakai and Jasmine hair oil.

Stocks in the banking sector languished the day in red with Bank of India and PNB being the least favored. According to a leading financial daily, largest private sector lender ICICI Bank marginally reduced its base rate to 9.70% from 9.75% earlier, making its lending rate at par with industry leader SBI as well as HDFC Bank. This is the second base rate reduction by the bank since April this year. In April, it had slashed base rate by 0.25% to 9.75%. The revised rate will be effective from tomorrow. Shares of ICICI Bank ended the trading day on a negative note (down 1.46%) on the BSE.

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