January 2, 2017 / 6:44 AM / 8 months ago

Nifty snaps four-day rally; bank stocks hit

Buildings are reflected on the glass windows of the NSE (National Stock Exchange) building in Mumbai, India, December 27, 2016. Picture taken December 27, 2016.Shailesh Andrade

REUTERS - Nifty ended lower on Monday in the first trading session of 2017, snapping a four-session winning streak as banks fell on worries their profitability would be hit after reducing lending rates.

The NSE bank index fell 1.14 percent, with State Bank of India, which cut its marginal cost of funds-based lending rate (MCLR) by 90 basis points across maturities, declining 2.6 percent.

The Nifty ended 0.08 percent lower at 8,179.50, snapping a four-day rally.

The benchmark Sensex closed down 0.12 percent at 26,595.45, after rising in the last two sessions.

Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sunil Nair

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