Sectoral trend (Image source: NSE) Market watch (Image source: BSE) Market at close The S&P BSE Sensex ended at 34,010, down 286 points while the broader Nifty50 index settled at 10,452, down 93 points. PNB scam won't affect recap plan, bank can take Rs 114-bn hit: Govt sources The Finance Ministry sources on Friday said that Punjab National Bank (PNB) is fully capable of taking the entire hit of Rs 114 billion fraud. The state-owned corporation, which had earlier detected a $1.77 billion scam including jeweller Nirav Modi acquired fraudulent letters said that the role of other 4 banks will be probed, and the will have to bear consequences if found to have defaulted the norms. CLICK HERE FOR FULL STORY MUST READ Bank vulnerabilities: PNB fraud exposes failure of systems and oversight Punjab National Bank, owned by the Union government, has admitted that fraud of Rs 114 billion has occurred within a Mumbai branch. False letters of undertaking were used as a basis for branches abroad of other Indian banks to transfer funds in dollars on behalf of PNB. The letters were issued for accounts related to gems and jewellery companies controlled by Nirav Modi and his relatives. It has been revealed that Mr Modi left India in early January, well before the original first information report in this case was filed with the police. READ MORE Market Check S&P BSE Sensex 33,978.78 -0.93% Nifty 50 10,447.15 -0.93% S&P BSE 200 4,568.18 -1.07% Nifty 500 9,223.15 -1.08% S&P BSE Mid-Cap 16,568.10 -1.40% S&P BSE Small-Cap 17,976.14 -1.54%
In other market news, global index provider MSCI has slammed Indian exchanges’ decision to terminate licensing and data-feed agreements with their global counterparts. MSCI, whose indices, widely used by passive investors, help channel billions of dollars into Indian markets, said the concerted announcement by three domestic exchanges was “anti-completive” and would restrict access to the Indian market.
According to reports, National Stock exchange (NSE) is keen to buy a 25 per cent stake in Dhaka Stock Exchange, rivaling an offer from a Chinese bourse