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BW Businessworld

Sensex Hit By Banks, Reliance Industries

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The BSE Sensex fell on Monday as banks declined after deposit growth fell short of Reserve Bank of India's projections in the last fiscal year, while Reliance Industries was hit by yet one more analyst downgrade.

Falls in Indian shares outpaced the 0.7 per cent decline in the MSCI Asia-Pacific ex-Japan index on a day marked by the sharp slowdown in U.S. jobs growth reported on Friday.

Domestic markets re-opened after closing on Thursday and Friday.

The 50-share Nifty lost 1.2 per cent, while the 30-share BSE index fell 1.3 per cent.

Banks were among the top decliners, with ICICI Bank down 2.3 per cent, while State Bank Of India lost 1.8 per cent.

Reliance Industries fell 1.4 per cent after brokerage Kotak trimmed its target on the stock to 800 rupees from 830 rupees to reflect lower refining margins and concerns about the company's long-term output from its KG D6 block.