Sensex, Nifty Edge Lower; Banking, IT Shares Fall, Auto Stocks Gain

The S&P BSE Sensex and NSE Nifty 50 indexes edged lower on Friday owing to weakness in banking and information technology stocks. However, the losses were capped on the back of buying in auto shares a day after Bajaj Auto reported highest ever quarterly profit. The Sensex fell as much as 177 points to 49,447 and Nifty 50 index briefly fell below its important psychological level of 14,550.