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Banks under pressure; Nifty PSU Bank index hits 52-week low
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Sensex pares early gains to end 430 pts lower; Nifty PSU Bank index dips 3%

All that happened in the markets today.

SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE, SENSEX
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Market Analysis for Tuesday, 6th March 2018 by Jayant Manglik, President, Religare Broking   The equity benchmark indices started the day on a strong note, following positive global cues. However, it failed to sustain at higher levels, as the Nifty index slipped from an intra-day high of 10,441 to end the session sharply lower at 10,249 levels, down 1.1%. The broader market indices ‘BSE- Midcap and Smallcap’ also registered a sharp fall, closing the session with losses of 0.8% and 1.3% respectively. Barring Consumer durables, which closed marginally higher, all the other sectoral indices closed on a negative note with Auto, Banks, Capital Goods, FMCG and IT being the major losers. Market rundown by Vinod Nair, Head of Research, Geojit Financial Services:    Market gave up gains despite positive trade in global market. Consolidation continues led by broad selling across all sector. Market has broken yesterday’s low while banks continue to struggle due to NPA issue, higher bond yield & cost of funds. Investors are little nervous to start accumulating and are waiting for major triggers to get direction." Nifty Bank index drags, falls for fifth straight session Nifty Realty index falls over 2% Sectoral Trend Sensex heatmap

The domestic indices pared early morning gains to end over 1% lower on Tuesday.

The S&P BSE Sensex ended the day at 33,317, down 430 points, while the broader Nifty50 index settled at 10,249, down 110 points.


Banking shares were under pressure with Nifty PSU bank index hitting 52-week low of 2,917 on the National Stock Exchange (NSE). The index fell below its earlier low of 2,928 recorded in October 19, 2017 in intra-day trade.

Bank of India, Canara Bank, Union Bank of India, Allahabad Bank and Andhra Bank from the Nifty PSU Bank index touched their respective 52-week lows on the NSE in intra-day trade.

As a part of investigation into the PNB scam, ICICI Bank chief Chanda Kochhar and Axis Bank's Shikha Sharma have been summoned by an anti-fraud agency in the bank fraud case involving jeweller Nirav Modi and his partner and uncle Mehul Choksi. ICICI Bank is believed to have extended a loan of Rs 10 billion and Axis Bank Rs 7 billion last year to Gitanjali Gems of Choksi.

GLOBAL MARKETS

Asian share regained some ground on Tuesday after US President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminum tariffs, easing investor worries about an imminent trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5 per cent, snapping five straight days of losses, while Japan’s Nikkei jumped 1.8 per cent from a five-month low.

(with inputs from Reuters)

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First Published: Tue, March 06 2018. 15:30 IST

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Sensex pares early gains to end 430 pts lower; Nifty PSU Bank index dips 3%

All that happened in the markets today.

All that happened in the markets today. The domestic indices pared early morning gains to end over 1% lower on Tuesday.

The S&P BSE Sensex ended the day at 33,317, down 430 points, while the broader Nifty50 index settled at 10,249, down 110 points.

Banking shares were under pressure with Nifty PSU bank index hitting 52-week low of 2,917 on the National Stock Exchange (NSE). The index fell below its earlier low of 2,928 recorded in October 19, 2017 in intra-day trade.

Bank of India, Canara Bank, Union Bank of India, Allahabad Bank and Andhra Bank from the Nifty PSU Bank index touched their respective 52-week lows on the NSE in intra-day trade.

As a part of investigation into the PNB scam, ICICI Bank chief Chanda Kochhar and Axis Bank's Shikha Sharma have been summoned by an anti-fraud agency in the bank fraud case involving jeweller Nirav Modi and his partner and uncle Mehul Choksi. ICICI Bank is believed to have extended a loan of Rs 10 billion and Axis Bank Rs 7 billion last year to Gitanjali Gems of Choksi.

GLOBAL MARKETS

Asian share regained some ground on Tuesday after US President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminum tariffs, easing investor worries about an imminent trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5 per cent, snapping five straight days of losses, while Japan’s Nikkei jumped 1.8 per cent from a five-month low.

(with inputs from Reuters) image
Business Standard
177 22

Sensex pares early gains to end 430 pts lower; Nifty PSU Bank index dips 3%

All that happened in the markets today.

The domestic indices pared early morning gains to end over 1% lower on Tuesday.

The S&P BSE Sensex ended the day at 33,317, down 430 points, while the broader Nifty50 index settled at 10,249, down 110 points.

Banking shares were under pressure with Nifty PSU bank index hitting 52-week low of 2,917 on the National Stock Exchange (NSE). The index fell below its earlier low of 2,928 recorded in October 19, 2017 in intra-day trade.

Bank of India, Canara Bank, Union Bank of India, Allahabad Bank and Andhra Bank from the Nifty PSU Bank index touched their respective 52-week lows on the NSE in intra-day trade.

As a part of investigation into the PNB scam, ICICI Bank chief Chanda Kochhar and Axis Bank's Shikha Sharma have been summoned by an anti-fraud agency in the bank fraud case involving jeweller Nirav Modi and his partner and uncle Mehul Choksi. ICICI Bank is believed to have extended a loan of Rs 10 billion and Axis Bank Rs 7 billion last year to Gitanjali Gems of Choksi.

GLOBAL MARKETS

Asian share regained some ground on Tuesday after US President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminum tariffs, easing investor worries about an imminent trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5 per cent, snapping five straight days of losses, while Japan’s Nikkei jumped 1.8 per cent from a five-month low.

(with inputs from Reuters)

image
Business Standard
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