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Business News/ Market / Stock-market-news/  Market Wrap: Sensex, Nifty close lower, Nifty PSU Bank falls 3.5%
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Market Wrap: Sensex, Nifty close lower, Nifty PSU Bank falls 3.5%

BSE Sensex closed lower by 99.36 points, while the Nifty 50 fell 28.30 points to close at 10,554.30. Here are the latest updates from the markets

BSE Sensex and NSE Nifty closed lower on Tuesday. Photo: ReutersPremium
BSE Sensex and NSE Nifty closed lower on Tuesday. Photo: Reuters

MUMBAI :Mumbai: Benchmark indices closed lower on Tuesday, snapping a two-day winning streak, dragged by bank stocks. The Nifty PSU Bank index declined 3.5% following Punjab National Bank’s disclosure that the amount of fraudulent transactions could be as much as Rs12,700 crore. Among the sectoral indices on BSE, realty, bankex, finance and basic materials ended lower, while telecom, energy and utilities posted gains. Traders were also cautious ahead of gross domestic product (GDP) data for December quarter due to be released on Wednesday. GDP probably rose 7% in three months to December year-on-year, according to a Bloomberg survey, versus 6.3% in the previous quarter. Here are the highlights from the markets:

27 Feb 2018, 03:34:00 PM IST

Closing bell

BSE Sensex closed lower by 99.36 points, or 0.29%, to 34,346.39, while the Nifty 50 fell 28.30 points, or 0.27%, to close at 10,554.30. BSE MidCap declined 0.50%, while SmallCap fell 0.35%. Bharti Airtel, Dr. Reddy’s Labs, Hero MotoCorp and RIL were among the top gainers, whereas Axis Bank, SBI, Sun Pharma and ICICI Bank were major losers.

27 Feb 2018, 03:07:00 PM IST

AIIB approves $1.5 billion of loans to India for infrastructure projects

China-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for infrastructure-related projects in 2018, a senior official of the AIIB said on Tuesday. The funds would be used for investment in India’s energy, roads and urban development projects, and the bank will examine allotting more funds for such projects next year, D.J. Pandian, the AIIB’s chief investment officer said. (Reuters)

27 Feb 2018, 02:17:00 PM IST

Market update

BSE Sensex traded lower by 68.25 points, or 0.20%, to 34,377.50, while the Nifty 50 fell 25.90 points, or 0.24%, to 10,556.70.

27 Feb 2018, 02:13:00 PM IST

Rupee trades lower against US dollar

The Indian rupee weakened against US dollar, tracking loss in the local equity markets. At 2pm, the home currency was trading at 64.89, down 0.13% from its previous close of 64.80. The local currency opened at 64.73 a dollar and touched a high and a low of 64.73 and 64.95, respectively. Yields on 10-year government bonds were at 7.693% compared to Monday’s close of 7.688%. Bond yields and prices move in opposite directions.

27 Feb 2018, 02:10:00 PM IST

European stocks trade higher

European stocks climbed at the open, with British satellite TV giant Sky soaring almost 20% on a surprise rival takeover bid from US cable giant Comcast. In initial trade, UK’s FTSE 100 index advanced 0.4% to 7,391.91 points. Sky’s share price soared 18.2% after Comcast bid more than £22 billion ($31 billion, 25 billion euros) to buy the pan-European broadcaster. Meanwhile, in eurozone trading on Tuesday, Frankfurt’s DAX 30 index rose 0.4% higher at 12,573.65 points. The Paris CAC 40 rose 0.3% to 5,358.57.

27 Feb 2018, 01:20:00 PM IST

Market update

BSE Sensex traded lower by 104 points, or 0.30%, to 34,341.75, while the Nifty 50 fell 34.60 points, or 0.33%, to 10,548. BSE MidCap and SmallCap declined 0.44% and 0.21%, respectively. Among the sectoral indices on BSE, realty, bankex and finance fell by up to 1%. Oil and gas, consumer durables and energy were trading in positive territory.

27 Feb 2018, 01:17:00 PM IST

Bharti Airtel partners with Google for low-cost smart phones

Bharti Airtel Ltd said it has partnered with Google Inc. to launch low-cost smart phones powered by Android Oreo in the Indian market. Shares traded 1.01% up at Rs426.55.

27 Feb 2018, 01:15:00 PM IST

Govt asks banks to fix operational gaps in 15 days after $2 billion PNB fraud

India’s finance ministry on Tuesday set a 15-day deadline for state banks to take pre-emptive action against operational and technical risks, following a $2 billion fraud at the country’s second-biggest state lender. Rajeev Kumar, secretary in the department of financial services, said in a tweet that state-run banks have 15 days to “take pre-emptive action and identify gaps/weaknesses” to tackle rising operational and technical risks.

27 Feb 2018, 12:10:00 AM IST

Nirav Modi-owned Firestar Diamond, affiliates file for bankruptcy in US

Firestar Diamond Inc. blamed liquidity and supply chain challenges and listed up to $100 million in assets and debt, according to Chapter 11 documents filed Monday in a bankruptcy court in New York. Back in India, Punjab National Bank (PNB) told the stock exchanges that the fraudulent transactions could be $204 million more than the previously estimated $1.8 billion. (Bloomberg)

27 Feb 2018, 12:05:00 AM IST

HG Infra IPO gets 11% subscription on Day 1

The Rs462 crore initial public offering (IPO) of Jodhpur-based HG Infra Engineering Ltd witnessed an overall subscription of 11% on Monday, the first day of the share sale, data from stock exchanges showed. As of 5pm on Monday, the portion of shares reserved for institutional investors in the HG Infra IPO had seen no subscription at all, while the portions reserved for retail investors and high net-worth individuals (HNIs) were subscribed 21% and 4%, respectively.

27 Feb 2018, 12:03:00 AM IST

Mercator shares gain 4%

Mercator Ltd said Directorate General of Hydrocarbons (DGH) has approved the field development plan submitted by Mercator Petroleum Ltd for its Jyoti-1 and Jyoti-2 oil discoveries in block CB-ONN-2005/9. Shares gained 4.32% to Rs38.65.

27 Feb 2018, 10:32:00 AM IST

Market update

BSE Sensex traded lower by 94.81 points, or 0.28%, to 34,350.94, while the Nifty 50 fell 38.15 points, or 0.36%, to 10,544.45. BSE MidCap was down 0.32%, while SmallCap declined 0.14%. twelve out of nineteen sectoral indices on BSE trade lower with realty, finance, bankex and IT among the top losers. Telecom, consumer goods, oil and gas and energy traded higher.

27 Feb 2018, 10:29:00 AM IST

Simbhaoli Sugars shares jump 11%

Simbhaoli Sugars Ltd surges 11% to Rs 15.65 after the company said in a notice to BSE that it is committed to clear all outstanding loans to Oriental Bank of Commerce in consultation with other joint lenders.

27 Feb 2018, 10:25:00 AM IST

Bharti Airtel, Idea shares trade higher after Trai ruling

The Telecom Regulatory Authority of India on Monday said Bharti Airtel, Idea Cellular and Vodafone India are free to match tariffs offered by newcomer Reliance Jio Infocomm in circles where they have a dominant position and such actions will not be seen as predatory. Telecom shares trade higher, with BSE Telecom rising 1.08%. Idea Cellular 3.22%, Tata Communications 1.83%, Bharti Airtel 1.52% and MTNL 0.66%.

27 Feb 2018, 09:45:00 AM IST

PNB shares fall over 7%

Punjab National Bank (PNB) shares fell 7.5% to Rs103.55 after the bank said the amount of fraudulent transactions could be Rs1,300 crore more than the current estimate of about Rs11,400 crore.

27 Feb 2018, 09:43:00 AM IST

Banking stocks trade lower

Other banking stocks too fell. Allahabad Bank declined 2.6%, Corporation Bank 2.3%, Oriental Bank of Commerce 2%, Bank of India 2%, Canara Bank 1.6%, Uco Bank 1.3%, Bank of Baroda 1.2%, Union Bank of India 1.1%, Central Bank of India 1.1%, Indian Bank 1%, Dena Bank 1%, ICICI Bank 1%, Syndicate Bank 0.8% and Axis Bank 0.7%

27 Feb 2018, 09:40:00 AM IST

Shares of ACC, Ambuja Cements fall as merger put on hold

ACC Ltd shares fell 1%, Ambuja Cements Ltd 2%. The two companies, controlled by LafargeHolcim Ltd, said they were putting on hold their proposed merger, citing constraints related to transfer of mines under current laws. The merger, which would have potentially created India’s second largest cement maker, still remains the “ultimate objective”, the companies said

27 Feb 2018, 09:37:00 AM IST

The roots of the current banking crisis

The roots of the current crisis in our banks lie in the great boom of 2003-08, which was then prolonged in India by a fiscal and monetary stimulus.

27 Feb 2018, 09:35:00 AM IST

Rupee trades slightly lower against US dollar

The Indian rupee opened higher but soon erased all of its gains and was trading marginally lower against US dollar. The local currency opened at 64.73 a dollar. The home currency was trading at 64.83, down 0.06% from its previous close of 64.80. Yields on 10-year government bonds were at 7.696% compared to Monday’s close of 7.688%. Bond yields and prices move in opposite directions.

27 Feb 2018, 09:32:00 AM IST

Market update

BSE Sensex traded higher by 158.21 points, or 0.46%, to 34,590.23, while the Nifty 50 rose 40.05 points, or 0.38%, to 10,622.65.

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