Sensex closes 99 points down on new PNB development
The Nifty50 closed 0.27% lower at 10,554.30 points, while the BSE Sensex settled 99.36 points or 0.29% down at 34,346.39 points. While PNB stock fell over 12% today, Nifty Bank, Financial Services, media and metal stocks were among the laggards.
Sensex today: The benchmark indices today ended the day slightly lower after opening higher, as Punjab National Bank revealed an additional unauthorised transactions by around Rs 13 billion ($204 million). Investors also traded cautiously ahead of key domestic economic data due this week. While PNB stock fell over 12% today, Nifty Bank, Financial Services, media and metal stocks were among the laggards.
PNB stock was trading at its lowest level since June 24, 2016. While Reliance, Dr Reddy's, Bharti Airtel, NTPC and HeroMotocorp helped contain the fall in Nifty, Ambuja Cements, Axis Bank, SBI, Sun Pharma, and Coal India pulled the index down.
The Nifty50 closed 0.27% lower at 10,554.30 points, while the BSE Sensex settled 99.36 points or 0.29% down at 34,346.39 points.
In the morning trade, Nifty50 reclaimed its crucial 10,600-mark as Asian markets hit 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.
At 9:18 am, the S&P BSE Sensex was trading at 34,558, up 112.81 points, while the broader Nifty50 was ruling at 10,615, up 32.60 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.2 per cent each.
Market breadth, indicating the overall health of the market, remained positive. On the BSE, 1,030 stocks rallied, 439 stocks declined, while 51 stocks remained unchanged in the morning trade.
Nifty PSU Bank was the leading loser among NSE indices, and slipped over 1 per cent. PNB (down 6 per cent) contributed most to the losses after fresh reports of fraud emerged.
Among gainers, Nifty Auto (up 0.7 per cent) advanced the most, followed by Nifty IT (up 0.5 per cent), Nifty Metal (up 0.4 per cent) and Nifty Media (up 0.3 per cent).
Asian shares extended their recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, building on its bounce from a two-month low touched on Feb 9.
Japan's Nikkei rose 1.0 per cent to three-week highs. On Wall Street, the S&P 500 advanced 1.18 per cent on Monday helped by fall in US bond yields.