Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%
All that happened in the markets today.
 "Markets, Up, Down, BSE, NSE, Stocks")
Photo: Shutterstock.com
The benchmark indices ended weak on Friday amid absence of major domestic and global cues. The Sensex and Nifty opened firm, with Nifty testing 10,600 levels. Both indices, however, trimmed gains as trade progressed.
The Indian indices declined sharply in the last hour of trade with Nifty PSU bank index falling over 2 per cent. Among the major losers, Bank of Baroda lost over 3% while State Bank of India, IDBI and Syndicate Bank ended 2-3% lower in the banking segment. Punjab National Bank shed 1.5%.
In other market news, global index provider MSCI has slammed Indian exchanges’ decision to terminate licensing and data-feed agreements with their global counterparts. MSCI, whose indices, widely used by passive investors, help channel billions of dollars into Indian markets, said the concerted announcement by three domestic exchanges was “anti-completive” and would restrict access to the Indian market.
According to reports, National Stock exchange (NSE) is keen to buy a 25 per cent stake in Dhaka Stock Exchange, rivaling an offer from a Chinese bourse
In the global markets, most Asian indices were shut on Friday due to Lunar New Year holidays. However, Japan’s Nikkei rose 1.2 per cent. US dollar slipped below its January low against a basket of major currencies to reach its lowest since late 2014.
(with wire inputs)
3:48 PM
Sectoral trend (Image source: NSE)
3:46 PM
Market watch (Image source: BSE)
3:34 PM
Market at close
The S&P BSE Sensex ended at 34,010, down 286 points while the broader Nifty50 index settled at 10,452, down 93 points.
3:23 PM
PNB scam won't affect recap plan, bank can take Rs 114-bn hit: Govt sources
The Finance Ministry sources on Friday said that Punjab National Bank (PNB) is fully capable of taking the entire hit of Rs 114 billion fraud.
The state-owned corporation, which had earlier detected a $1.77 billion scam including jeweller Nirav Modi acquired fraudulent letters said that the role of other 4 banks will be probed, and the will have to bear consequences if found to have defaulted the norms. CLICK HERE FOR FULL STORY
3:05 PM
MUST READ Bank vulnerabilities: PNB fraud exposes failure of systems and oversight
Punjab National Bank, owned by the Union government, has admitted that fraud of Rs 114 billion has occurred within a Mumbai branch. False letters of undertaking were used as a basis for branches abroad of other Indian banks to transfer funds in dollars on behalf of PNB. The letters were issued for accounts related to gems and jewellery companies controlled by Nirav Modi and his relatives. It has been revealed that Mr Modi left India in early January, well before the original first information report in this case was filed with the police. READ MORE
3:00 PM
Market Check
| S&P BSE Sensex | 33,978.78 | -0.93% | |
| Nifty 50 | 10,447.15 | -0.93% | |
| S&P BSE 200 | 4,568.18 | -1.07% | |
| Nifty 500 | 9,223.15 | -1.08% | |
| S&P BSE Mid-Cap | 16,568.10 | -1.40% | |
| S&P BSE Small-Cap | 17,976.14 | -1.54% | |
2:45 PM
PNB's FY17 fund-based exposure to jewellery sector at 0.6% of loan book
Punjab National Bank (PNB) that has been at the centre of the Rs 114 billion fraud perpetrated by Nirav Modi had a fund and non-fund based exposure (as a percentage of loan book) at 0.6% and 0.1% respectively in FY17, suggests a recent Edelweiss Securities report on the sector co-authored by Kunal Shah and Prakhar Agarwal.
Bank of India (BoI), State Bank of India (SBI), Canara Bank and IDBI Bank are among those that highest fund-based exposure to the sector as a percentage of total loan book among the public sector (PSU) during this period. READ MORE
2:37 PM
After Nirav Modi scam at PNB, fear of sweetheart deals at other banks too
These are early days in the Nirav Modi saga, but top financial sector officials are not ruling out more such sweetheart deals at other banks, given that the overseas bill discounting business that traders deal in is highly porous.
The present case has surfaced because an innocuous rule change by the Reserve Bank of India (RBI) in early January forced Punjab National Bank (PNB) to tap Nirav Modi and other importers for more margin money. Another trigger, it would seem, was an alleged query from RBI seeking the bank’s response over one of its officials allegedly demanding favours from Modi’s company in return for issuing the next Letter of Undertaking, or buyer’s credit. CLICK HERE FOR FULL STORY
2:21 PM
Ending licences anti-competitive: Index provider MSCI slams Indian bourses
Global index provider MSCI has slammed Indian exchanges’ decision to terminate licensing and data-feed agreements with their global counterparts.
MSCI, whose indices, widely used by passive investors, help channel billions of dollars into Indian markets, said the concerted announcement by three domestic exchanges was “anti-completive” and would restrict access to the Indian market. READ MORE
2:07 PM
Market Check
| S&P BSE Sensex | 34,038.69 | -0.75% | |
| Nifty 50 | 10,469.60 | -0.72% | |
| S&P BSE 200 | 4,575.43 | -0.91% | |
| Nifty 500 | 9,241.70 | -0.88% | |
| S&P BSE Mid-Cap | 16,594.55 | -1.24% | |
| S&P BSE Small-Cap | 17,993.28 | -1.45% | |
1:52 PM
Shareholders okay RCom asset monetisation plan for servicing Rs 450-bn debt
Debt-ridden telecom operator RCom on Friday said its shareholders have approved an asset monetisation plan which will be used to repay dues. READ MORE
A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai. Photo: Reuters
1:43 PM
Fortis Healthcare under pressure after SC allows FIs to sell pledged shares
Fortis Healthcare has slipped 20% to Rs 115 in noon deal trade, falling 24% from its intra-day high on BSE on back of heavy volumes after the Supreme Court (SC) allowed financial institutions to sell pledged shares of the company. CLICK HERE FOR MORE
1:24 PM
Nifty PSU Bank hits over three-month low; down 26% from 52-week high
Shares of public sector banks continues to trade lower for the fifth straight trading session with the Nifty PSU Bank index hitting an over three-month low after the Reserve Bank of India (RBI’s) revised framework on resolution of stressed assets and the detection of about Rs 144 billion fraudulent and unauthorised transactions by the Punjab National Bank (PNB) at one of its branches in Mumbai. READ MORE
Shares of public sector banks continues to trade lower for the fifth straight trading session with the Nifty PSU Bank index hitting an over three-month low after the Reserve Bank of India (RBI’s) revised framework on resolution of stressed assets and the detection of about Rs 144 billion fraudulent and unauthorised transactions by the Punjab National Bank (PNB) at one of its branches in Mumbai. READ MORE
1:13 PM
Axis AMC to venture into realty funds, hires Balaji Rao as business head
Axis Asset Management Company (AMC), a unit of Axis Bank, is padding up to foray into the real estate funds business through the alternative investment fund (AIF) route.
It has hired real estate funds veteran Balaji Rao to head the business and build a core team of eight to 10 people in the investment and asset management verticals. READ MORE
1:02 PM
Market Check
| S&P BSE Sensex | 34,186.98 | -0.32% | |
| Nifty 50 | 10,507.20 | -0.36% | |
| S&P BSE 200 | 4,596.45 | -0.46% | |
| Nifty 500 | 9,279.90 | -0.47% | |
| S&P BSE Mid-Cap | 16,666.27 | -0.82% | |
| S&P BSE Small-Cap | 18,094.43 | -0.90% | |
Topics :
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Feb 16 2018 | 3:32 PM IST
