Benchmark indices opened flat with a negative bias. The Sensex was down 16.93 points at 37,087.35 and the Nifty50 fell 4.40 points to 10,978.40.
Altico Capital India Ltd, a lender to real estate companies, said it has defaulted on interest payments worth ₹19.9 crore due to Mashreq Bank of Dubai, underscoring the rising stress in India’s cash-starved property market.
Among PSU banks, Union Bank of India fell 4%, Canara Bank was down 3%, Bank of Baroda fell 3%, Oriental Bank of Commerce declined 2%, Syndicate Bank 1.7%, Punjab National Bank 1.7%, and State Bank of India was down 1.4%.
CPI inflation in August increased to 3.21 percent against 3.15 percent in previous month.
Industrial output in July came in at 4.3 percent against 2 percent growth in previous month.
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