Updated on Tuesday, September 09, 2008, 00:00 IST

Mumbai, Sept 09: The markets today closed flat with the benchmark Sensex ending the day lower by a little over 44 points as the bourses looked to consolidate at existing higher levels.

The BSE barometer, which gained over 400 points on Monday, recovered most of its losses in early trade before closing at 14,900.76 points, down by 44.21 points from its previous close.

Similarly, the wide-based National Stock Exchange index Nifty fell by 13.60 points at 4468.70.

Banking stocks closed in the red after Goldman Sachs Group downgraded India's financial sector on slowing credit growth, rising bad loans and increased loss provisions.

Banking index dropped by 95.91 points at 7368.33 after stocks of Punjab National Bank lost 3.56 percent at Rs 498.85, followed by State Bank of India, the largest lender, at 1.95 percent at Rs 1560.55, Bank of Baroda 2.36 percent at Rs 293.25.

Metal index was biggest loser at 11,801.18 points, lower by 213.86 points with heavyweight stocks of Sterlite Industries nosediving by 7.50 percent at Rs 575.70. Gujarat NRE Coke also declined by 5.88 percent at Rs 86.45, Jindal Steel 1.85 percent at Rs 1820.55 and Hindustan Zinc by 3.15 percent at Rs 549.35.

Bureau Report