The market ended with small losses after reporting gains in the past two trading sessions. The barometer index, the S&P BSE Sensex, fell 99.36 points or 0.29% to 34,346.39, as per the provisional closing data. The Nifty 50 index fell 28.30 points or 0.27% to 10,554.30, as per the provisional closing data. Trading sentiment was dented by weakness in other Asian stocks. Banks and realty shares witnessed steep selling.
The trading session was volatile. The Sensex rose 165.04 points, or 0.48% at the day's high of 34,610.79 in early trade, its highest level since 8 February 2018. The index fell 130.88 points, or 0.38% at the day's low of 34,314.87 in mid-afternoon trade. The Nifty rose 49.05 points, or 0.46% at the day's high of 10,631.65 in early trade, its highest level since 8 February 2018. The index fell 45.35 points, or 0.43% at the day's low of 10,537.25 in afternoon trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,701 shares fell and 1,036 shares rose. A total of 148 shares were unchanged. Breadth was quite strong in early trade.
Among secondary barometers, the BSE Mid-Cap index provisionally fell 0.50%. The BSE Small-Cap index provisionally fell 0.35%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3227.52 crore, compared with the turnover of Rs 3458.68 crore registered during the previous trading session.
Realty shares declined. Oberoi Realty (down 5.57%), D B Realty (down 2.82%), DLF (down 2.78%), Anant Raj (down 2.73%), Parsvnath Developers (down 2.31%), Unitech (down 2.04%), Prestige Estates Projects (down 1.85%), Peninsula Land (down 1.73%), Sunteck Realty (down 1.48%), Housing Development and Infrastructure (HDIL) (down 0.98%), Sobha (down 0.91%), Indiabulls Real Estate (down 0.64%), Omaxe (down 0.22%), Godrej Properties (down 0.07%) and Phoenix Mills (down 0.40%), edged lower. Mahindra Lifespace Developers rose 1.02%.
Music Broadcast advanced 1.85% after Radio City 91.1FM, announced a collaboration with Apple Music for the country's biggest Bollywood countdown chart show titled 'Apple Music weekly charts'. The announcement was made after market hours yesterday, 26 February 2018.
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Punjab National Bank (PNB) fell 12.87%. PNB has revealed additional unauthorised transactions related to the scam by billionaire diamantaire Nirav Modi and his uncle and business partner, Mehul Choksi, increasing the estimated size of the fraud by $204.25 million (about Rs 1322 crore). The disclosure was made to stock exchanges late yesterday, 26 February 2018.
On 14 February 2018, PNB announced that it detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. The quantum of such transactions is about $1771.69 million.
IndusInd Bank fell 0.54%. The bank announced its partnership with Ripple, the enterprise blockchain solution for global payments, to facilitate payments into and out of India. The announcement was made during market hours today, 27 February 2018.
With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China. In 2017, India saw a total of $65 billion move into the country and IndusInd Bank which has significant interests in cross border remittances, plans to harness the power of blockchain technology for facilitating global payments. The bank plans to leverage the latest technology to build on its existing footprint in the payments business through this alliance. Blockchain technology for payments lowers both costs and transfer times for their customers. Also, by joining RippleNet, financial institutions are able to communicate information about a payment between each other, and settle payments immediately.
On the macro front, some media reports suggested that the government is planning to ease rules for foreign portfolio investors (FPI), as it seeks to attract more investments into India. As part of the plan, the government will reportedly reduce the time required for FPIs to register in India, introduce a single-window clearance for them and allow foreign banks to trade on behalf of their clients without registering.
Overseas, most European shares were trading higher as investors monitor the release of economic data. Most Asian shares reversed early gains and settled lower ahead of the US Federal Reserve Chairman Jerome Powell's highly-anticipated testimony later in the global day.
The US market rose on Monday, 26 February 2018, in a broad-based rally led by technology shares. In the latest economic data, US new home sales fell 7.8% in January 2018 from the previous month, to an annualised pace of 593,000, the Commerce Department said.
Investors are focusing on the US Federal Reserve chairman Jerome Powell's congressional testimony on monetary policy and the economy. Powell will testify on the central bank's semi-annual report on monetary policy and the economy on Tuesday, 27 February 2018, before the US House of Representatives' Financial Services Committee.
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