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As on Feb 19, 2018 12:00 AM Your results on : End Session    
Market drops for second day in a row
19-Feb-2018 (16:32)

Trading for the week started on a subdued note as key indices logged modest losses as sentiment was marred by loan fraud cases in the PSU banks. The barometer index, the S&P BSE Sensex, lost 236.10 points or 0.69% to settle at 33,774.66. The Nifty 50 index lost 73.90 points or 0.71% to settle at 10,378.40. The last week's detection of a massive fraud at a Mumbai branch of the state-run Punjab National Bank (PNB) continued to weigh on sentiment. The latest reports suggesting a loan fraud case in PSU banks by now defunct Rotomac Pens also marred sentiment.

The recent rebound in global crude oil prices also raised concerns of its adverse impact on fiscal deficit as India imports most of its oil requirements. The Sensex settled below the psychological 34,000 mark after drifting below that level in early trade. The market dropped for the second day in a row.

A bout of volatility was seen in early trade as the key benchmark indices opened higher but quickly erased gains to sink in the negative zone. Stocks extended slide and hit fresh intraday low in morning trade. Key benchmark indices hovered in negative zone in mid-morning trade. Selling aggravated and indices nosedived to hit fresh day's low in afternoon trade. Domestic stocks continued to languish and hover near intraday low in mid-afternoon trade. Key indices cut losses in late trade.

The Sensex lost 236.10 points or 0.69% to settle at 33,774.66. The index slumped 456.39 points or 1.34% at the day's low of 33,554.37. The index rose 112.20 points or 0.33% at the day's high of 34,122.96.

The Nifty 50 index dropped 73.90 points or 0.71% to settle at 10,378.40. The index dropped 149.55 points or 1.43% at the day's low of 10,302.75. The index gained 37.05 points or 0.35% at the day's high of 10,489.35.

The S&P BSE Mid-Cap index declined 1.05%. The S&P BSE Small-Cap index fell 0.99%. Both these indices underperformed the Sensex.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (down 1.1%), the BSE Auto index (down 1.11%), the BSE Capital Goods index (down 1.56%), the BSE Metal index (down 1.6%), the BSE Oil & Gas index (down 1.01%) and the BSE Realty index (down 1.12%) underperformed the Sensex. The BSE IT index (down 0.52%), the BSE Telecom index (down 0.53%) and the BSE Bankex index (down 0.57%) outperformed the Sensex.

The broad market depicted weakness. There were almost three losers against every gainer on BSE. 2,017 shares fell and 734 shares rose. A total of 162 shares were unchanged.

The total turnover on BSE amounted to Rs 4070.05 crore, lower than the turnover of Rs 4116.26 crore registered during the previous trading session.

Capital goods stocks edged lower. BEML was down 2.47%, ABB India 1.92%, Bharat Electronics 1.29%, Bharat Heavy Electricals (Bhel) 1.06%, and Siemens fell 2.31%. Punj Lloyd was up 0.49% and Thermax rose 1.82%.

Shares of engineering and construction major L&T dropped 2.35%. The water & effluent treatment business of L&T Construction has secured EPC orders worth Rs 1680 crore from Pune Municipal Corporation for study, survey, investigation, assessment, design validation and revamping of the entire water supply system for Pune city. L&T Construction is the construction arm of L&T. The announcement was made during market hours today, 19 February 2018.

The scope of the project includes supply, laying, testing and commissioning of water transmission pipelines, optical fiber cable ducts, construction of sumps & house service connections along with water audit, non-revenue water reduction, SCADA, bill reading & generation and other associated electromechanical & instrumentation works.

Shares of private banks were mixed. Kotak Mahindra Bank rose 0.31% and Yes Bank 0.22%. However, ICICI Bank was down 0.39%, HDFC Bank 0.27%, IndusInd Bank 1.68% and Federal Bank fell 2.61%.

Axis Bank rose 0.57%. The bank said that it has reviewed the marginal cost of funds based lending rate with effect from 17 February 2018. The bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.85%, the rate for one month will be 7.85% and for three months it will be 8.15%. The MCLR on 6-month loans will be 8.3% and for one-year loans the rate will be 8.4%, the bank said. MCLR on two-year loans will be 8.45% and for three-year loans the rate will be 8.5%. The announcement was made during market hours today, 19 February 2018.

PSU bank stocks continued to bleed following detections of frauds in some psu banks. State Bank of India was down 1.51%, Dena Bank 4.43%, Canara Bank 1.3%, and United Bank of India fell 2.36%.

Bank of Baroda slumped 5.48%, Allahabad Bank 6.3%, Bank of India 4.07% and Union Bank of India slumped 7.19%. The Central Bureau of Investigation (CBI) reportedly today, 19 February 2018, grilled Vikram Kothari, owner of the now defunct Rotomac Pens in Rs 800 crore loan fraud case. The Bank of Baroda had approached the CBI with a complaint against Kothari. Kothari had reportedly borrowed Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India.

Punjab National Bank (PNB) lost 7.36%, extending recent steep losses triggered by the bank detecting a $1771.69 million fraud at a single branch in Mumbai. PNB made the announcement before trading hours on 14 February 2018.

PNB announced before trading hours on 14 February 2018, that it detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad. In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank said it is committed to clean and transparent banking.

PNB clarified after market hours on 15 February 2018, that on 16 January 2018, the partnership firm of Nirav Modi group approached PNB branch at Brady House, Mumbai and presented a set of import documents with a request to allow buyers' credit for making payment to the overseas suppliers. Since there was no sanctioned limit in the name of the above firms, the branch officials requested the firms to furnish at least 100% cash margin for issuing Letter of Undertaking (LOU) for raising buyer's credit. On denial, the firms contested that they have been availing such transactions since past several years.

Metal and mining stocks declined. JSW Steel lost 2.97%, Steel Authority of India (Sail) 1.3%, Hindustan Copper 2.16%, National Aluminium Company 2.36%, Hindustan Zinc 0.22%. Jindal Steel & Power 0.64%, and NMDC 1.83%. Hindalco Industries 0.32% and Vedanta rose 0.33%.

Tata Steel lost 5.82% while Bhushan Steel surged 20%. Tata Steel has reportedly emerged as the highest bidder for debt-ridden Bhushan Steel and Bhushan Power and Steel. Bhushan Steel is one of the 12 large corporate accounts identified by the Reserve Bank of India (RBI) that accounted for almost 25% of exposure to bad loans for the entire banking sector, reports added.

Vakrangee was locked in 5% lower circuit at Rs 233.20 on profit booking after a recent rally. Shares of Vakrangee surged 27.57% in five trading sessions to settle at Rs 245.45 on Friday, 16 February 2018, from its close of Rs 192.40 on 8 February 2018.

Meanwhile, the Sensex has declined 522.81 points or 1.52% in two sessions to its ruling index, from a close of 34,297.47 on 15 February 2018.

Overseas, European shares were trading lower. Asian shares rose as sentiment improved gradually from a recent shakeout that stemmed from fears of creeping inflation and higher borrowing costs. Markets in China, Hong Kong and Taiwan remain closed for the holiday. US markets will be closed today, 19 February 2018 in observance of Presidents Day.

Japanese exports rose for a 14th straight month in January 2018, helped by continued demand from Asia for equipment to make semiconductors, data from Japan's finance ministry showed today, 19 February 2018. Exports grew 12.2% in January from a year earlier, following a 9.3% year-on-year gain in the previous month.

In US, the Dow industrials and S&P 500 logged their sixth straight advance on Friday, 16 February 2018 but the Nasdaq lagged its peers, as political drama sparked turbulent trade late in the session. Special Counsel Robert Mueller announced the indictments of 13 Russian nationals and three Russian entities, accusing them of interfering in the 2016 US presidential election. The indictment said the defendants were supporting Donald Trump's campaign and disparaging Hillary Clinton.

Sensex hits one-week closing low
16-Feb-2018 (16:45)
Market gains on positive global cues
15-Feb-2018 (16:44)
Market settles lower as bank stocks plunge
14-Feb-2018 (16:45)
Market settles higher on strong global cues
12-Feb-2018 (16:48)
Sensex hits lowest closing level in five weeks
09-Feb-2018 (16:11)
Shares bounce back on bargain hunting
08-Feb-2018 (16:42)
Sensex, Nifty end with modest losses
07-Feb-2018 (16:39)
Market slumps on global sell off
06-Feb-2018 (16:59)
Sensex settles below 35,000 mark
05-Feb-2018 (16:46)
Market slumps over LTCG tax concerns
02-Feb-2018 (16:53)
Market drifts lower in choppy trade as government introduces LTCG tax
01-Feb-2018 (16:48)
Market hits over one-week closing low ahead of Union Budget
31-Jan-2018 (16:45)
Market hits almost 1-week closing low on negative global stocks
30-Jan-2018 (16:36)
Market scales record high as Economic Survey predicts higher GDP growth
29-Jan-2018 (16:27)
Shares decline on profit selling
25-Jan-2018 (16:29)
Market gains for sixth straight day
24-Jan-2018 (16:40)
Sensex crosses 36,000-mark
23-Jan-2018 (16:54)
Market scales fresh record high
22-Jan-2018 (16:35)
Market scales record high
19-Jan-2018 (16:06)
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