January 2, 2017 / 10:23 AM / a year ago

India's Nifty index snaps four-day rally; bank stocks hit

Jan 2 (Reuters) - India’s NSE index 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 broader NSE index ended 0.08 percent lower at 8,179.50, snapping a four-day rally.

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

For the midday report, click here

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

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