Market Wrap: Sensex closes 284 points down, Nifty near 10150 as PNB fraud probe widens
BSE Sensex closed lower by 284.11 points at 33,033.09, while the Nifty 50 fell 95.05 points to close at 10,154.20. Here are the latest updates from the markets
Last Modified: Wed, Mar 07 2018. 05 21 PM IST
- 3.35 pm ISTClosing bell
- 2.19 pm ISTMarket update
- 2.15 pm ISTRupee erases gains, trades lower against US dollar
- 2.10 pm ISTEuropean stock markets open lower
- 2.07 pm ISTPSU banks facing over Rs20,000 crore of losses on bonds in January-March
- 12.38 pm ISTGlobal gold prices gain as trade war fears weigh on dollar, equities
- 12.35 pm ISTNewgen Software Technologies gets project from Madhya Pradesh
- 12.33 pm ISTTata Motors says will probe leaking of financial results
- 11.30 am ISTMarket update
- 11.27 am ISTTata Motors JLR sales down 2.6% in February
- 11.25 am ISTEdelweiss Financial Services unit to issue NCDs worth Rs500 crore
- 11.20 am ISTRamco Systems gets new order
- 11.17 am ISTBio Medicine shares fall 4%
- 10.23 am ISTMarket update
- 10.20 am ISTIT stocks trade higher
- 10.17 am ISTHarrisons Malayalam shares rise on block deal
- 9.43 am ISTAdani group stocks trade lower
- 9.40 am ISTBanking stocks fall further as PNB fraud probe widens
- 9.37 am ISTDilip Buildcon shares gain on receipt of new project
- 9.35 am ISTThe fight to the finish against banking frauds
- 9.33 am ISTRupee trades higher against US dollar
- 9.30 am ISTMarket update
- Mumbai: Benchmark indices posted losses for the sixth straight session on Wednesday as global stocks markets declined and PNB fraud investigation widened. Global equity markets fell as concerns of global trade war intensified after the resignation of White House economic adviser Gary Cohn. Banking stocks extended losses, with the Nifty PSU Bank fell over 3.5%, after senior executives of ICICI Bank and Axis Bank appeared before SFIO as investigative agencies expanded their probe into the $2 billion PNB fraud. Here are the latest updates from the markets:
- 3.35 pm IST Closing bellBSE Sensex closed lower by 284.11 points, or 0.85%, to 33,033.09, while the Nifty 50 fell 95.05 points, or 0.93%, to close at 10,154.20. All the sectoral indices on BSE, except FMCG and consumer durables, ended in negative territory led by telecom, which was down 2.28%, capital goods 1.94%, power 1.86% and industrials 1.79%.
- 2.19 pm IST Market updateBSE Sensex traded lower by 254.49 points, or 0.76%, to 33,062.71, while the Nifty 50 declined 81 points, or 0.79%, to 10,168.25. BSE MidCap was down 1.20% and SmallCap fell 1.87%. All the sectoral indices on BSE, except IT and consumer durables, traded lower led by power, which was down 1.70%, capital goods 1.52%, telecom 1.44% and bankex 1.42%.
- 2.15 pm IST Rupee erases gains, trades lower against US dollarThe Indian rupee erased all the morning gains and weakened against US dollar after local equity markets fell for the sixth session amid a widening probe into Punjab National Bank’s $2 billion fraud. The rupee was trading at 64.99, down 0.05% from its previous close of 65.11. The home currency opened at 64.88 and touched a high and a low of 64.87 and 65.01, respectively. Yields on 10-year government bonds were at 7.747% compared to Tuesday’s close of 7.779%.
- 2.10 pm IST European stock markets open lowerEuropean stock markets dropped at the open following losses in Asia, which came after the resignation of US President Donald Trump’s top economic advisor. London’s benchmark FTSE 100 index fell 0.4% to 7,117.49 points. In the eurozone, Frankfurt’s DAX 30 shed 0.4% to 12,060.09 points the Paris CAC 40 lost 0.4% to 5,151.69.
- 2.07 pm IST PSU banks facing over Rs20,000 crore of losses on bonds in January-MarchIndia’s state-run banks—already bruised by the sprawling Punjab National Bank (PNB) fraud case and soaring provisions for bad loans—are facing much higher losses on their bond holdings, said brokerage firm Credit Suisse. The brokerage warned that state-run banks, which are typically the largest investors in sovereign securities, could lose more than Rs20,000 crore ($3.1 billion) in the January-March quarter, due to a continued spike in bond yields and as they held more bonds than are required by the regulator.
- 12.38 pm IST Global gold prices gain as trade war fears weigh on dollar, equitiesGold prices inched up to their highest in a week as the dollar weakened and equities dropped after US President Donald Trump said he would push ahead with punitive tariffs on imports, rekindling fears of a potential trade war. Spot gold rose 0.1% to $1,335.02 per ounce by 8.44am, having hit $1,340.42 an ounce earlier in the session, its highest since 26 February. US gold futures for April delivery rose 0.1% to $1,336.30 per ounce.
- 12.33 pm IST Tata Motors says will probe leaking of financial resultsTata Motors said in a statement that the company will probe the leak of financial information for the quarter ended in December 2015. Tata Motors said, “It is fully committed to ensuring confidentiality of such price sensitive information.” “While the company has robust policies and processes to manage such price sensitive information, we will investigate this incident thoroughly to identify and address process gaps and fix accountability,” added the company
- 11.27 am IST Tata Motors JLR sales down 2.6% in FebruaryTata Motors Ltd said Jaguar Land Rover retail sales declined 2.6% to 39,911 in February compared to a year ago. “Solid demand in China (3.3% up) and other overseas markets (1.5% up) was offset by lower sales in the UK (15.2% down for the month) and Europe (6.9% down), where trading conditions remained challenging,” said the company in a BSE filing. Tata Motors shares rose 1.41% to Rs351.50.
- 10.23 am IST Market updateBSE Sensex traded lower by 33.31 points, or 0.10%, to 33,283.89, while the Nifty 50 declined 23.40 points, or 0.23%, to 10,225.85. BSE MidCap and SmallCap were down 0.25% and 0.61%, respectively. Among the sectoral indices on BSE, IT was up 0.67%, teck 0.57% and FMCG 0.44%, whereas metal fell 0.85%, realty 0.72% and bankex 0.59%. The Nifty PSU Bank was down 1.34%.
- 9.43 am IST Adani group stocks trade lowerAdani group stocks extended its fall after BJP MP Subramanian Swamy on Tuesday called industrialist Gautam Adani the “biggest NPA (non-performing asset) trapeze artiste in PSUs”. Adani Ports fell 2.2%, Adani Enterprises Ltd 2.6%, Adani Power Ltd 3.2% and Adani Transmission Ltd was down 1.4%.
- 9.40 am IST Banking stocks fall further as PNB fraud probe widensBanking stocks extended its fall after Senior executives of private sector lenders ICICI Bank Ltd and Axis Bank Ltd appeared before the Serious Fraud Investigation Office (SFIO) on Tuesday as investigative agencies expanded their probe into the alleged bank fraud by companies linked to Nirav Modi and his uncle Mehul Choksi. ICICI Bank Ltd fell 1.6%, Punjab National Bank 1.6%, State Bank of India 1.2%, Bank of Baroda 1.2%, Federal Bank 1%, Yes Bank 1%, IndusInd Bank 0.7%, Axis Bank 0.6%.
- 9.35 am IST The fight to the finish against banking fraudsThe cleansing of the Indian banking system now seems to have reached an advanced stage. After the recent issuance of a new framework for the resolution of stressed assets by the Reserve Bank of India (RBI), the government is working on reducing the possibility of bank frauds.
The fight to the finish against banking frauds https://t.co/6oeziVEmjb— Livemint (@livemint) March 6, 2018
- 9.33 am IST Rupee trades higher against US dollarThe Indian rupee and Asian currencies strengthened against the US dollar, after North Korea said it is willing to hold talks with the US on denuclearization. The rupee was trading at 64.89, up 0.12% from its previous close of 65.11. The home currency opened at 64.88 and touched a high of 64.87 a dollar. Yields on 10-year government bonds were at 7.766% compared to Tuesday’s close of 7.779%.