Market rundown by Nikhil Kamath, Co-Founder and Head of Trading, Zerodha "Markets opened the session slightly higher for the day on the back of positive global cues, this rally was sold into and the indices corrected throughout the session to close over a quarter percent lower for the day. Cement and banking were the weakest sectors for the session, with both Orient Bank and PNB tanking in trade." Top Sectoral loser: Nifty PSU Bank slips over 3% Sectoral Trend Sensex top gainers and losers Markets at Close The S&P BSE Sensex ended the day at 34346, down 99 points while the broader NIfty50 index settled at 10554 down 28 points PNB scam: Bank ignored warnings from Gitanjali Gems auditor in March 2017 The Indian lenders led by Punjab National Bank ignored warnings from the auditor of Gitanjali Gems in March 2017 that the latter has defaulted to loans of Life Insurance Corporation. CLICK HERE FOR FULL STORY
The benchmark indices ended marginally lower on Tuesday ahead of Gross Domestic Product (GDP) to be released on Wednesday.
The S&P BSE Sensex ended the day at 34346, down 99 points while the broader NIfty50 index settled at 10554 down 28 points.
Among sectoral indices, the Nifty PSU Bank index ended over 3% lower led by a sharp fall in shares of Punjab National Bank (PNB).
Shares of PNB hit a 20-month low, slipping over 9% on the BSE earlier in the day, after the government-owned bank said it has revealed an additional unauthorized transactions by around Rs 13 billion (USD 204 million). The stock was trading at its lowest level since June 24, 2016.
The market participants will look forward to key economic data such as Nikkei Markit Manufacturing Purchasing Managers Index (PMI), Fiscal Deficit and GDP to be released on Wednesday.
In the global markets, Asian shares extended their recovery on Tuesday, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day.
(with Reuters inputs)