Sensex Up 140 Points In Early Trade; Nifty Nears 10550

Sensex barely holds 34,000 at close down 287 points Nifty tests 10,450

Mumbai: Benchmark Sensex succumbed to fag-end profit-booking to end 144 points lower Wednesday after banking stocks tumbled on RBI's new norms for recognising stressed assets.

The Reserve Bank of India abolished half a dozen existing loan-restructuring mechanisms and instead provided for a strict 180-day timeline for banks to agree on a resolution plan in case of a default or else refer the account for bankruptcy.

Around 1.20 p.m., the wider Nifty50 of the National Stock Exchange edged higher by 71.45 points or 0.68 per cent at 10,572.35 points.

Among the Nifty Bank Index stocks, the nine stocks that closed down were: PNB (10.39 per cent), Canara Bank (5.96 per cent), YES Bank (4.79 per cent), State Bank of India (4.59 per cent), Axis Bank (3.97 per cent), Bank of Baroda (2.82 per cent), ICICI Bank (2.64 per cent), Kotak Bank (0.39 per cent) and IndusInd Bank (0.34 per cent).

Sun Pharmaceutical Industries was marginally lower after its quarterly profit slumped 75 percent.

On the macro front back home, wholesale price index (WPI) inflation dropped 2.84% in January from 3.58% in December of 2017.

The benchmark indices BSE Sensex and NSE Nifty had opened 0.50% higher on positive global cues.

Foreign portfolio investors (FPIs) sold shares worth Rs 728.71 crore on the net basis, while domestic institutional investors (DIIs) too sold equities to the tune of Rs 152.39 crore on Wednesday, provisional data showed.

Japan's Nikkei also gained 1.33 per cent.

The Nifty PSU bank index shed as much as 2.8 percent, with SBI leading the decline with a 2 percent fall.

Among individual stocks, Punjab National Bank (PNB) continued its journey south on Thursday with the stock slipping almost 8 percent.

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