Indices recover from day's low to end flat, PSU Bank stocks gain over 1.5%
All that happened in the markets today.
 "Photo: Shutterstock.com")
Photo: Shutterstock.com
Benchmark indices trimmed their morning losses to end largely flat on Wednesday following a positive wholesale price inflation data.
The S&P BSE Sensex ended the day at 33,836, down 21 points hwile the broader Nifty50 index settled at 10,411, down 16 points.
Among banking indices, the Nifty PSU Bank index ended 1.75% higher on Wednesday. The index had hit an intra-day low of 2,846.
RBI, on Tuesday, had barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India's biggest bank fraud.
In key economic data released Wednesday, India's annual wholesale price inflation eased to 2.48 per cent in February for the third straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices.
GLOBAL MARKETS
Asian shares eased on Wednesday amid fears of rising US protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports.
The S&P BSE Sensex ended the day at 33,836, down 21 points hwile the broader Nifty50 index settled at 10,411, down 16 points.
Among banking indices, the Nifty PSU Bank index ended 1.75% higher on Wednesday. The index had hit an intra-day low of 2,846.
Shares of public sector undertaking (PSU) banks moved higher by 4% in noon deals, bouncing back upto 8% from their early morning lows on the National Stock Exchange (NSE).
Oriental Bank of Commerce (OBC), Union Bank of India, Syndicate Bank, Bank of Baroda (BOB) and Indian Bank were up more than 2% on the NSE. All these stocks have recovered by more than 5% from their respective intra-day lows.
RBI, on Tuesday, had barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India's biggest bank fraud.
In key economic data released Wednesday, India's annual wholesale price inflation eased to 2.48 per cent in February for the third straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices.
GLOBAL MARKETS
Asian shares eased on Wednesday amid fears of rising US protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, retreating from a 1-1/2 month high hit on Tuesday.
(with wire inputs) 3:36 PM
PSU Banks recover
3:35 PM
Sectoral trend
3:34 PM
Sensex heatmap
3:33 PM![]()
Markets at close
The S&P BSE Sensex ended the day at 33,836, down 21 points hwile the broader Nifty50 index settled at 10,411, down 16 points
The S&P BSE Sensex ended the day at 33,836, down 21 points hwile the broader Nifty50 index settled at 10,411, down 16 points
3:14 PM
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Torrent may raise Rs 15 bn via QIP as it readies to bid for Sanofi assets
Ahmedabad-based Torrent Pharmaceuticals is all set to raise around Rs 15 billion through the qualified institutional placement (QIP) route, as it gets ready to bid for Sanofi's generic drugs unit (Zentiva), sources close to the development said. An e-mail sent to the company on the matter remained unanswered.
A source close to the development said that the funds might be used to act as a 'war chest' for Torrent, as it readies to make a bid for the European asset. Another source felt Torrent might also use the funds for capital expenditure purposes apart from the potential acquisition. READ MORE
3:05 PM
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InterGlobe Aviation slips
InterGlobe Aviation fell 2.61% to Rs 1,268.55 on BSE, following aviation regulator's order to ground certain A320Neo aircraft due to an ongoing Pratt & Whitney engine issue.
2:46 PM![]()
Buzzing Trade
Glenmark Pharma is quoting at Rs 547.45, up 1.73% on the day as on the NSE. The stock is down 39.14% in last one year as compared to a 14.03% jump in Nifty and a 18.69% jump in the Nifty Pharma index.
2:33 PM
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PSU Banks rebound; IDBI Bank, OBC gain 7% from day's low
Shares of public sector undertaking (PSU) banks have moved higher by 4% in noon deals, bouncing back upto 8% from their early morning lows on the National Stock Exchange (NSE).
Oriental Bank of Commerce (OBC), Union Bank of India, Syndicate Bank, Bank of Baroda (BoB) and Indian Bank were up more than 2% on the NSE. All these stocks have recovered by more than 5% from their respective intra-day lows. READ MORE
2:10 PM
The stock is quoting at Rs 59.1, up 2.34% on the day as on the NSE. Syndicate Bank is down 12.83% in last one year as compared to a 14.03% gain in Nifty and a 12.94% gain in the Nifty PSU Bank index.![]()
Buzzing Stock
The stock is quoting at Rs 59.1, up 2.34% on the day as on the NSE. Syndicate Bank is down 12.83% in last one year as compared to a 14.03% gain in Nifty and a 12.94% gain in the Nifty PSU Bank index.
1:59 PM
Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in Parliament today. READ MORE![]()
Indian Oil, ONGC, Coal best performers in FY17; BSNL, Air India, MTNL worst
Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in Parliament today. READ MORE
1:46 PM
BSE Sensex: Yes Bank, Maruti Suzuki India among top gainers, Hero Motocorp top loser
1:36 PM![]()
Market Check
| S&P BSE Sensex | 33,701.43 |
 | -0.46% |
| Nifty 50 | 10,361.70 |
| -0.62% |
| S&P BSE 200 | 4,528.65 |
| -0.33% |
| Nifty 500 | 9,112.90 |
| -0.49% |
| S&P BSE Mid-Cap | 16,274.78 |
 | 0.03% |
| S&P BSE Small-Cap | 17,575.19 |
| -0.15% |
1:31 PM
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Shah Alloys up 40% in 9 days on settlement with asset reconstruction firm
Shares of Shah Alloys are locked in upper circuit for the third straight trading day, up 5% at Rs 41.25 per share on the BSE. The stock gained in eight out of nine trading sessions of the current month, as compared to nearly 2% decline in the S&P BSE Sensex. READ MORE
1:17 PM
The government today got the Budget for fiscal year beginning April 1 passed in Lok Sabha without discussion by applying the guillotine process as the opposition paralysed the functioning for the eighth day. READ MORE![]()
NEWS WATCH Budget passed without discussion in LS as protests continue
The government today got the Budget for fiscal year beginning April 1 passed in Lok Sabha without discussion by applying the guillotine process as the opposition paralysed the functioning for the eighth day. READ MORE
1:12 PM
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Sebi puts more safeguards for FPI investors
Market regulator Sebi has further amended the “Easing of access norms for investment by FPIs” circular by providing further safeguards. In the new circular, Sebi has asked private banks who invest on behalf of their clients to collect proper KYC details from investors.
The regulator has said this route cannot be used by Indian citizens or non-resident Indians. Also, the collective investment a private bank makes on behalf its clients should be broad-based. A collective investment by the bank should have more than 20 investors with no single one owning more than 49 per cent. READ MORE
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First Published: Mar 14 2018 | 3:30 PM IST
