Market Wrap: Sensex closes 286 points lower, Nifty at 10452, bank stocks top losers | Mint
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Business News/ Market / Stock-market-news/  Market Wrap: Sensex closes 286 points lower, Nifty at 10452, bank stocks top losers
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Market Wrap: Sensex closes 286 points lower, Nifty at 10452, bank stocks top losers

BSE Sensex closed lower by 286.71 points, while the Nifty 50 ended 93.20 points down at 10,452.30. Here are the latest updates from the markets

BSE Sensex and NSE Nifty closed lower on Friday. Photo: Abhijit Bhatlekar/MintPremium
BSE Sensex and NSE Nifty closed lower on Friday. Photo: Abhijit Bhatlekar/Mint

MUMBAI :Mumbai: BSE Sensex closed nearly 300 points lower and NSE Nifty settled at 10451 on Friday as bank stocks dragged after more banks disclosed their exposure in the PNB fraud case. SBI shares fell 3% after the bank said it has an exposure of $212 million in respect to letter of undertaking issued by PNB to Nirav Modi. The Nifty PSU Bank fell 2.49% and Nifty Bank declined 1.02%. BSE Midcap was down 1.20% and Smallcap fell 1.22%. All the sectoral indices on BSE, except IT, ended lower, with telecom, metal and realty suffered most. Here are the highlights from the markets:

16 Feb 2018, 03:35:00 PM IST

Closing bell

BSE Sensex closed lower by 286.71 points, or 0.84%, to 34,010.76, while the Nifty 50 fell 93.20 points, or 0.88%, to close at 10,452.30.

16 Feb 2018, 03:15:00 PM IST

SBI discloses $212 million exposure

SBI said it has an exposure of $212 million (about Rs1,360 crore) in respect to letter of undertaking (LoU) issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer. Shares fell 2.55% to Rs271.75.

16 Feb 2018, 02:51:00 PM IST

Market update

BSE Sensex traded lower by 330.98 points, or 0.97%, to 33,966.49, while the Nifty 50 fell 105.30 points, or 1%, to 10,440.20. BSE Midcap was down 1.35% and smallcap declined 1.56%. The Nifty PSU Bank index fell 3.10%.

16 Feb 2018, 02:17:00 PM IST

Market update

BSE Sensex traded lower by 211.46 points, or 0.62%, to 34,086.01, while the Nifty 50 fell 76 points, or 0.72%, to 10,469.50.

16 Feb 2018, 02:14:00 PM IST

PNB declares Gitanjali Gems as fraud, stares at huge provisions hit

PNB declares Gitanjali Gems Group as a fraud entity after it discovered that the group’s firms, along with Nirav Modi group, were involved in fraudulent transactions worth Rs11,4000 crore through LoUs issued by the bank.

16 Feb 2018, 02:12:00 PM IST

Rupee erases gains, trades lower against US dollar

The Indian rupee on Friday erased all the morning gains and was trading weaker against the US dollar after the country’s trade deficit widened to 56-month high on higher oil and gold imports. The home currency was trading at 63.99, down 0.11% from its previous close of 63.91. The local currency opened 63.89 and touched a high and a low of 63.82 and 64, respectively.

16 Feb 2018, 02:08:00 PM IST

Walmart in talks to buy stake in Flipkart: report

Walmart Inc is in talks to purchase a stake of more than 40% in Indian e-commerce firm Flipkart, a direct challenge to Amazon.com Inc in Asia’s third-largest economy, two sources familiar with the matter said on Friday. In what would be one of its biggest overseas deals, the US retailer is looking at buying new and existing shares in Flipkart and due diligence is likely to begin as early as next week, the sources said. (Reuters)

16 Feb 2018, 02:05:00 PM IST

Dilip Buildcon L1 bidder in EPC project in UP

Dilip Buildcon Ltd said it was declared L-1 bidder for a new EPC project valued at Rs670.50 crore by the National Highways Authority of India in Uttar Pradesh. Shares traded 3.12% lower at Rs956.10.

16 Feb 2018, 01:13:00 PM IST

Market update

BSE Sensex traded lower by 104.24 points, or 0.30%, to 34,193.23, while the Nifty 50 fell 35.30 points, or 0.33%, to 10,510.20. BSE Midcap was down 0.90% and Smallcap fell 1.05%. All the sectoral indices on BSE, except IT and Teck, trade lower.

16 Feb 2018, 01:10:00 PM IST

MSCI calls exchange data restriction anti-competitive

Global index provider MSCI, in a press statement issued late on Thursday night, said that it considers the move by Indian stock exchanges to restrict data feeds as anti-competitive and it could impact India weightage and India asset classification in its indices. India’s top two stock exchanges—NSE and BSE—on 9 February terminated agreements that allowed their index derivatives to be traded on overseas exchanges and data vendors from providing data to entities which would use it to trade on overseas exchanges.

16 Feb 2018, 01:07:00 PM IST

Varun Beverages net loss narrows in Q3

Varun Beverages Ltd said its December 2017 quarter consolidated net loss narrowed to Rs72.84 crore versus a loss Rs119 crore a year ago. Shares traded 0.24% down at Rs665.

16 Feb 2018, 01:05:00 PM IST

ITD Cementation receives LoA to establish captive coal jetty

ITD Cementation India Ltd said it has received a letter of acceptance from Tamil Nadu Generation and Distribution Corp. Ltd in respect of establishment of captive coal jetty with unloading facilities and pipe conveyor system for Udangudi super critical thermal power project. Shares traded 0.48% to Rs186.40

16 Feb 2018, 11:48:00 AM IST

Market update

BSE Sensex traded lower by 114.42 points, or 0.33%, to 34,183.05, while the Nifty 50 fell 36.65 points, or 0.35%, to 10,508.85.

16 Feb 2018, 11:40:00 AM IST

Mahindra to invest up to Rs176 crore in Zoomcar

Mahindra will invest up to Rs176 crore in Zoomcar India and Zoomcar Inc., which, when converted to common stock on a fully diluted basis, will constitute approximately 16% stake in Zoomcar.

16 Feb 2018, 11:37:00 AM IST

BHEL commissions project in Punjab

Bharat Heavy Electricals Ltd said it has commissioned a 18 MW hydro-electric project in Punjab. Shares rose 0.11% to Rs94.80.

16 Feb 2018, 11:35:00 AM IST

RCom shareholders approve asset sale

Reliance Communications Ltd said its shareholders approved the resolution to monetize the spectrum, towers, fiber, telecom Infrastructure and other assets with overwhelming majority of 99.91%. Shares trade 0.54% down at Rs27.80.

16 Feb 2018, 11:00:00 AM IST

Market update

BSE Sensex traded higher by 14.09 points, or 0.04%, to 34,311.56, while the Nifty 50 rose 12.80 points, or 0.12%, to 10,558.30. BSE Midcap was down 0.27% and SmallCap fell 0.22%.

16 Feb 2018, 10:45:00 AM IST

IT stocks trade higher

IT stocks trading higher. HCL Technologies Ltd rose 3%, Infosys Ltd 2%, TCS 1.7%, Wipro Ltd 1.2%, Tech Mahindra Ltd 1%.

16 Feb 2018, 10:30:00 AM IST

Jet Airways shares gain as brokerage firm upgrades stock

Jet Airways India Ltd shares rose 3% to Rs775 after brokerage firm ICICI Securities upgraded to buy and from add and increased its target price by 26% to Rs 902 a share.

16 Feb 2018, 09:42:00 AM IST

PNB shares fall on third day, down 3%

Punjab National Bank shares fall further for the third straight session, and were down as much as 3% in morning trade after the lender said it has detected a $1.77 billion fraud.

16 Feb 2018, 09:40:00 AM IST

Gitanjali Gems shares plunge 20%

Gitanjali Gems Ltd extended its fall for second day. It declined 20% to Rs37.55 after the company came under scanner of various investigating agencies following the Punjab National Bank’s declaration of nearly Rs11,400-crore fraud.

16 Feb 2018, 09:37:00 AM IST

Fortis Healthcare shares rise

Fortis Healthcare Ltd shares rose 3% to Rs 147.75 after the Supreme Court has paved the way for the sale of Fortis Healthcare shares pledged to lenders by former board members Malvinder and Shivinder Singh.

16 Feb 2018, 09:35:00 AM IST

RBI’s new NPA rules may hurt but will drain the swamp

While bank books might get worse over the next 12 months, in the longer term, the new NPA rules will ensure that the books reflect actual underlying asset quality.

16 Feb 2018, 09:33:00 AM IST

Rupee hits two-week high against US dollar

The Indian rupee strengthened for the fourth session to hit a two-week high against the US dollar, tracking gains in its Asian peers. The home currency was trading at 63.84, up 0.08% from its previous close of 63.91. The local currency opened 63.89 and touched a high of 63.82 a dollar—a level last seen on 2 February. India’s 10-year bond yield was at 7.564% compared to its Thursday close of 7.568%.

16 Feb 2018, 09:30:00 AM IST

Market update

BSE Sensex traded higher by 208.27 points, or 0.61%, to 34,505.74, while the Nifty 50 rose 47.75 points, or 0.45%, to 10,593.25.

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