You are here: Home » Markets » News
Business Standard

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

All that happened in the markets today.

Topics
Markets

SI Reporter  |  New Delhi 

The benchmark indices ended weak on Friday amid absence of major domestic and global cues. The Sensex and Nifty opened firm, with Nifty testing 10,600 levels. Both indices, however, trimmed gains as trade progressed. The Indian indices declined sharply in the last hour of trade with Nifty PSU bank index falling over 2 per cent. Among the major losers, Bank of Baroda lost over 3% while State Bank of India, IDBI and Syndicate Bank ended 2-3% lower in the banking segment. Punjab National Bank shed 1.5%. In other market news, global index provider MSCI has slammed ...

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
199.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Amex/Master/VISA Credit Cards and VISA Debit Cards Only
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART ANNUAL

Business Standard Digital
Subscribe Now and get 12 months Free

Business Standard Premium Digital - 12 Months + 12 Months Free
1799.00
subscribe
Subscribe for 12 months and get 12 months free.
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice -all Credit and Debit Cards, Net Banking, Payment Wallets, and UPI
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • The monthly duration product is an auto renewal based product. Once subscribed, subject to your card issuer's permission we will charge your card/ payment instrument each month automatically and renew your subscription.
  • In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.
  • We do not Refund.
  • No Questions asked Cancellation Policy.
  • You can cancel future renewals anytime including immediately upon subscribing but 48 hours before your next renewal date.
  • Subject to the above, self cancel by visiting the "Manage My Account“ section after signing in OR Send an email request to assist@bsmail.in from your registered email address and by quoting your mobile number.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

Sectoral trend (Image source: NSE)

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

Market watch (Image source: BSE)

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

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.

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

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

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

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

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

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%

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

PNB's FY17 fund-based exposure to jewellery sector at 0.6% of loan book Punjab National Bank (PNB) that has been at the centre of the Rs 114 billion fraud perpetrated by Nirav Modi had a fund and non-fund based exposure (as a percentage of loan book) at 0.6% and 0.1% respectively in FY17, suggests a recent Edelweiss Securities report on the sector co-authored by Kunal Shah and Prakhar Agarwal.   Bank of India (BoI), State Bank of India (SBI), Canara Bank and IDBI Bank are among those that highest fund-based exposure to the sector as a percentage of total loan book among the public sector (PSU) during this period. READ MORE

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

After Nirav Modi scam at PNB, fear of sweetheart deals at other banks too These are early days in the Nirav Modi saga, but top financial sector officials are not ruling out more such sweetheart deals at other banks, given that the overseas bill discounting business that traders deal in is highly porous.   The present case has surfaced because an innocuous rule change by the Reserve Bank of India (RBI) in early January forced Punjab National Bank (PNB) to tap Nirav Modi and other importers for more margin money. Another trigger, it would seem, was an alleged query from RBI seeking the bank’s response over one of its officials allegedly demanding favours from Modi’s company in return for issuing the next Letter of Undertaking, or buyer’s credit. CLICK HERE FOR FULL STORY  

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

Ending licences anti-competitive: Index provider MSCI slams Indian bourses 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. READ MORE

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

Market Check S&P BSE Sensex 34,038.69 -0.75%   Nifty 50 10,469.60 -0.72%   S&P BSE 200 4,575.43 -0.91%   Nifty 500 9,241.70 -0.88%   S&P BSE Mid-Cap 16,594.55 -1.24%   S&P BSE Small-Cap 17,993.28 -1.45%

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

Shareholders okay RCom asset monetisation plan for servicing Rs 450-bn debt Debt-ridden telecom operator RCom on Friday said its shareholders have approved an asset monetisation plan which will be used to repay dues. READ MORE A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai. Photo: Reuters

First Published: Fri, February 16 2018. 15:32 IST
RECOMMENDED FOR YOU

Nifty ends below 10,500, Sensex down nearly 300 pts; PSU bank index dips 2%

All that happened in the markets today.

The benchmark indices ended weak on Friday amid absence of major domestic and global cues. The Sensex and Nifty opened firm, with Nifty testing 10,600 levels. Both indices, however, trimmed gains as trade progressed. The Indian indices declined sharply in the last hour of trade with Nifty PSU bank index falling over 2 per cent. Among the major losers, Bank of Baroda lost over 3% while State Bank of India, IDBI and Syndicate Bank ended 2-3% lower in the banking segment. Punjab National Bank shed 1.5%. In other market news, global index provider MSCI has slammed ...

image
Business Standard
177 22
.