BSE SENSEX and NIFTY edged lower on Friday from a selloff provoked by the European Central Bank's (ECB) failure to satisfy investors hopes of swift action to tackle the debt crisis. Indian shares ended on a lower note for a second day of losses as worries about the impact summer drought hit, but broader losses were kept in check as defensive stocks rallied. Shares of state-run banks fall on concerns a looming drought would increase defaults of farm loans, leading to higher provisioning in coming quarters. Top ranked SBIN dropped by 1%, while OBC dropped by around 2.2% and Allahabad Bank retreats by 1.5%.Tractor maker MAHINDRA & MAHINDRA shares dropped by 1.7% as the growing likelihood of a drought in India threatens to hit rural sales.
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