Sensex ends down 229 pts

MUMBAI, Nov 9 (Business Standard): Markets continued to trade in a lacklustre fashion as selling continued in banking shares. The Sensex, after moving between the positive and negative zones, is now down 13 points at 17,557. Nifty is down nine points at 5,280. BSE bankex dropped 1.1 per cent to 11,190 after after the rating agency downgraded the outlook for the Indian banking system. Moody's Investor Service downgraded its outlook for India's banking system to "negative" from "stable", as it warned of slowing growth at home and overseas hitting asset quality, capitalisation and profitability. Banking major, State Bank of India reported 12 per cent year-on-year (y-o-y) growth in standalone net profit at Rs 21.80 billion. India's largest public sector bank had reported a net profit of Rs 25.01 billion in a year ago period. Net interest income grew 28 per cent to Rs 104.22 billion on y-o-y basis. The stock was the biggest dragger in the Sensex - down 4.5 per cent at Rs 1,907. Maruti Suzuki dropped 2 per cent to Rs 1,100 as records showed a dissapointing sales growth in October. Sun Pharma and Cipla from the pharma pack dropped 1 per cent each, as did metal stocks - Sterlite and Tata Steel. Oil marketing companies are soft after IOC chairman R.S. Butola told television network NDTV that Indian state run oil marketing companies may cut gasoline prices by November 16. HPCL, BPCL and IOC have slipped 3-4 per cent each.