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Market nudges lower on negative Asian stocks

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Domestic stocks began trading on a subdued note on negative Asian stocks. At 9:18 IST, the barometer index, the Sensex, was down 99.54 points or 0.29% at 33,757.24. The index was down 35.30 points or 0.34% at 10,391.55.

The Mid-Cap index was down 0.27%. The Small-Cap index was down 0.26%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 620 shares fell and 301 shares rose. A total of 49 shares were unchanged.

Overseas, Asian stocks declined following an overnight slide in US equities after a fresh personnel shakeup in the spurred concerns about a unilateral approach to trade, national security and foreign affairs.

US equities fell in choppy trade yesterday, 13 March 2018 after tech shares pulled back amid concerns trade tensions between the US and could increase. The sudden firing of US took some by surprise less than a week after top resigned from the US has nominated CIA Mike Pompeo, an ex-congressman, to replace Tillerson.

Back home, (down 1.61%), (down 1.31%) and (down 1.23%) edged lower from the Sensex pack.

IT rose 0.94% to Rs 2,919.50. sold 3.12 crore shares, or 1.63% equity, of in two separate bulk deals on NSE yesterday, 13 March 2018. offloaded 2.05 crore shares at Rs 2,876.46 each. Another 1.06 crore shares were sold at Rs 2,872.19 each. As on 31 December 2017, held 73.52% stake in

Bharat Financial Inclusion (BFIL) rose 0.26% while fell 0.69%. The (RBI) has, vide its letter dated 13 March 2018, conveyed its 'no objection' for the voluntary amalgamation of with IndusInd Bank, subject to compliance with the terms and conditions specified therein. The announcement was made after market hours yesterday, 13 March 2018.

The approval of the merger by the board of directors of was intimated to the stock exchanges on 14 October 2017. The amalgamation received the approval of the on 19 December 2017.

The proposed merger still requires approval from the stock exchanges/(SEBI), the National Company Law Tribunal, the respective shareholders and creditors of and and other applicable statutory and regulatory approvals.

(PNB) lost 3.93%. With respect to news titled, "to Special Court: Fraud amount by Gitanjali group companies increases by Rs.942.18 crs; Total amount of fraud in PNB case now stands at over Rs.13,600 crs; also adds Section 409(IPC), Criminal breach of trust in FIR," PNB issued a clarification after market hours yesterday, 13 March 2018.

PNB clarified that the amount of Rs 942 crore were the regular limits sanctioned to under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent letters of undertakings (LoUs)/letters of comfort (LoCs).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 09:22 IST