Markets firm; PSU banks slip after EOW uncovers fraud

ICICI Bank, ONGC, L&T and HDFC among the top gainers

Markets were firm in noon trades with the BSE benchmark index up 57 points at 26,616 and the Nifty gained 20 points to trade at 7952. The gains were supported with ICICI Bank, ONGC, L&T and HDFC.

The trend was mixed in broader markets with the midcap index down 0.2% while the smallcap index advanced by the same percent.

Sectors & Stocks

Realty index down over 1% along with Power, Metal, IT and Health Care indices down 0.3-0.5% were the other indices in red. On the other hand, Oil & Gas index gained 1%.

Tata Power, Axis Bank, Tata Power, Sun Pharma and SBI down 1% each were the top losers among Sensex-30.

GAIL, Hero MotoCorp, ONGC, Wipro, ICICI Bank, Sesa Sterlite and BHEL up 1-2% were teh movers of the hour.

Among other stocks, PSU banks dropped after the Mumbai Economic Offences Wing on Thursday busted a largescale banking racket amounting to Rs 1000 crore which involved many people who conspired to perpetrate widespread fraud at Dena Bank and Dhanlaxmi Bank among others

Dhanlaxmi Bank, Dena Bank, Indian Overseas Bank and Vijaya Bank have plunged between 3-7% on the BSE during the noon trades.

TV Today Network has soared 6% to Rs 217, extending its previous day’s rally on National Stock Exchange after Radhakishan Damani bought nearly 2% stake in the company for about Rs 20 crore through open market transactions.

DLF extended losses with another 2.5% decline post SC order to pay Rs 630 crore penalty.

The market breadth was negative on BSE. 1489 stocks declined while 1275 stocks advanced.

Asian Markets

Asian shares held steady after pulling back from a 6-1/2 year high as the recent rally in risk assets petered out for now, while the euro clung to modest gains after rebounding from 13-month lows.

MSCI's broadest index of Asia-Pacific shares outside Japan stood little changed at 514.07 after rising to 515.13, its highest since early 2008.

Tokyo's Nikkei shed 0.6%, weighed by gains in the yen.