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Market Wrap, January 10: Sensex falls 106 pts on sell-off in banks, Nifty holds 10,800; Vakrangee hits 5% upper circuit
Today On Market Wrap: 1. Vakrangee hits 5% upper circuit as govt finds no irregularity in its books 2. Bandhan Bank Q3 net climbs 10% YoY; stock surges over 4% 3. Sensex falls 106 pts on sell-off in banks, Nifty holds 10,800
Snapping its four-day gaining streak, the domestic equity market closed in the negative territory on Thursday amid weak global cues and selling in financials counter.
The S&P BSE Sensex shed 106 points or 0.29 per cent to settle at 36,107 with Tata Motors (up over 1 per cent) being the top gainer and IndusInd Bank (down over 2 per cent) the worst performer. 
 
On NSE, the benchmark Nifty50 index settled at 10,822, down 34 points or 0.31 per cent with 30 components ending in the red and 20 in the green. 
 
 Shares of private sector lender Bandhan Bank ended at Rs 471.70, up 3.82 per cent after it reported a 10.3 per cent rise in its net profit at Rs 331 crore for third quarter (October-December) of FY18-19. The company had logged PAT of Rs 300 crore in the corresponding quarter of the previous year. 
 
Operating profit for the quarter increased by 56.8 per cent at Rs 900 crore against 1,574 crore in the corresponding quarter of the previous year, the company said in its press release.
 
Shares of Vakrangee hit an upper circuit of 5 per cent at Rs 37.90 on the BSE in early trade on Thursday after an inspection ordered by the Ministry of Corporate Affairs (MCA) into the accounts and operations of the company found no irregularity in matters pertaining to the resignation of its auditor, abnormal trading in the company’s stock, among other issues, the company said in its BSE filing.
 
However, during the inspection there have been few observations in preliminary findings such as amount planned for CSR activities remained unspent, funds from franchisee to be considered as deposits or not as per section 76, process of disposal of computers including computer peripherals during the financial year 2016-17 (FY17)   
 
Among the sectoral indices, financial stocks slipped the most with Nifty Bank index ending 0.69 per cent lower at 27,529. 
 
The mid-cap and small-cap indices were largely in sync with the benchmarks. The S&P BSE MidCap index ended at 15,196, up 0.49 per cent while S&P BSE SmallCap index closed 0.19 per cent higher at 14,628.