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

All that happened in the markets today.

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 ...

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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
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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 ...

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