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Sensex, Nifty end 1% weaker as PSU banks, pharma slump

Monday,   13-May-2019   04:00 PM (IST)

Indian shares closed weaker for a ninth straight session on Monday, dragged by financial and pharmaceutical stocks, as concerns over the country’s non-banking finance sector (NBFC) coupled with global slowdown worries whacked investor sentiment. NBFC sector is facing issues of credit squeeze, over-leveraging and misadventures by some large entities, Corporate Affairs Secretary Injeti Srinivas told the Press Trust of India on Sunday. The benchmark BSE index ended down 0.99% at 37,090.82. The broader NSE index closed 1.16% lower at 11,148.2. The NSE records its longest losing streak since May 2011, while the BSE index matched its worst run in about two months. Nifty’s state-run bank index closed 5% lower with Union Bank of India Ltd ending 9.76% weaker. U.S. states filed a lawsuit accusing Teva Pharmaceuticals USA Inc of orchestrating a sweeping scheme with 19 other drug companies to inflate drug prices, state prosecutors said on Saturday. The pharma index closed 4.37% weaker, with Sun Pharmaceutical Industries Ltd marking its worst session in nearly two years. Index heavyweight ITC Ltd closed 2.84% after posting its March-quarter results.