ALSO READNifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2% Sensex ends 330 pts higher, Nifty above 10,550; IT, pharma, realty gain PNB fraud: Banking shares are expected to be on tenterhooks Sensex ends around 34,300 mark; Nifty near 10,550; PNB crashes 13% Sensex ends flat, Nifty closes below 10,400 ahead of F&O expiry, Q2 GDP
Sectoral Trend Sensex losers and gainers Market at close The S&P BSE Sensex ended at 33,704, down 71 points while the broader Nifty50 index settled at 10,360, down 18 points. Moody's places PNB under review for downgrade after Nirav Modi's fraud Following the biggest scam in the country's banking sector to the tune of Rs 113.4 billion at state-run Punjab National Bank (PNB), Moody's today placed the lender under review for downgrade. The agency has a Baa3/P-3 rating on the Delhi-based lender now while it has a Baa3 rating on its foreign currency issuer rating. The bank overall has a Baa2 rating with a stable outlook now from Moody's. READ MORE Cabinet ends Coal India monopoly, allows commercial mining by private firms After four years of enabling commercial mining and sale of coal in the new Coal Ordinance (Special Provisions), 2014, the Cabinet on Tuesday approved the methodology for auctioning coal mines to private companies. State-owned Coal India has been the sole commercial miner in India for 41 years now with a market share of 80%. The move aims to open up coal mining for private players, both Indian and foreign. In 2015, the government had permitted the allotment of coal mines to states for mining and commercial sale to medium, small and cottage industries. CLICK HERE FOR FULL STORY MUST READ Regulatory lessons: India should reduce dependence on the banking system The accusations levelled against staffers of Punjab National Bank (PNB) — that they arranged for letters of undertaking to be provided to foreign branches of Indian banks to benefit companies controlled by jeweller Nirav Modi and associates — have thrown up important questions about bank management and regulation in India. While the sums involved are large — the total sum being examined in relation to the fraudulent letters of undertaking is $1.8 billion — it is unclear how much has actually been taken out of the system. READ MORE
The S&P BSE Sensex ended at 33,704, down 71 points while the broader Nifty50 index settled at 10,360, down 18 points.
The indices were supported by the strength in metal stocks and recovery in PSU bank counters from their day's low.
The Nifty Metal index ended up 1.1% led by a rise in shares of Vedanta and NMDC Limited. Among the public sector banks, Syndicate Bank rose 4.7%. Bank of India, IDBI Bank, Indian Bank and Canara Bank were also among the top gainers.