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Nifty PSU Bank index hits 19-month low, down 7% in two days

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MARKETS LIVE: Sensex extends losses, Nifty slips below 10,200; banks fall

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SI Reporter  |  New Delhi 

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BSE Sensex: HDFC, Bajaj Auto among top gainers, SBI top loser Oracle Financial Services Software Rating: BUY   We upgrade Oracle Financial Services Software (OFSS) to BUY on a 19% upside. The stock’s participation in the broader IT sector rally over the last two months has been restricted by muted 3QFY18 results; it has also under-performed global peers over this period. However, given management’s commentary of a robust deal pipeline + a seasonally stronger period ahead, we find current levels attractive to play to its structural strengths. We also raise our FY19/FY20E EPS by 6.6%/6.8% on superior margin management. Our revised Rs 4,480 target price (Rs 4,020 earlier) is on a 20x implied target PER (unchanged) (Source: JM Financial Report)   Harrisons Malayalam hits the roof after bulk deal Harrisons Malayalam was locked in 5% upper circuit at Rs 82.40 at 11:31 IST on BSE after a bulk deal of 13.02 lakh shares was executed on the scrip at Rs 81.05 per share at 09:15 IST on BSE. READ MORE   Stock-split proposal boosts Lumax Auto Tech Lumax Auto Technologies rose 1.47% to Rs 886 at 09:28 IST on BSE after the company scheduled a board meeting on 23 March 2018 to consider stock-split of equity shares. READ MORE Sectoral Trend Nifty PSU Bank index hits 19-month low, down 7% in two days   Shares of public sector undertaking (PSU) banks continued to be under pressure with the Nifty PSU Bank index hitting 19-month low as investigation deepened in the Punjab National Bank (PNB) fraud case.   Canara Bank, Andhra Bank, Allahabad Bank, Bank of India, Oriental Bank of Commerce, Bank of Baroda and Union Bank of India from the Nifty PSU Bank index touched their respective fresh 52-week lows on the NSE today. READ MORE

The domestic indices turned negative on Wednesday taking cues from recent developments in the banking sector. That apart, global developments are also keeping sentiment in check.

Among sectoral indices, the Nifty PSU Bank index fell over 2% on Wednesday led by a fall in the shares of Andhra Bank, Canara Bank and Bank of India.


Senior officials from Axis Bank on Tuesday appeared before the Serious Fraud Investigation Office (SFIO), which has started seeking details from lenders with exposure to firms promoted by Nirav Modi and Mehul Choksi with regard to the Rs 127-billion Punjab National Bank (PNB) scam.

A team from Axis Bank, led by Deputy Managing Director V Srinivasan and executives from the trade and transactions department, went to the SFIO’s office in Mumbai, after the investigating agency called them to help in the probe, sources said. The SFIO is understood to have also called officials from other banks, including ICICI Bank, they added.
 

GLOBAL MARKETS

Global stocks and the dollar slumped on Wednesday after a key advocate for free trade in the White House announced his resignation, fanning fears that US President Donald Trump would go ahead with tariffs and risk a trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent, while  Japan’s Nikkei retreated 0.2 per cent.

South Korea’s KOSPI bucked the trend and rose 0.3 per cent amid a perceived easing of regional tensions, following news on Tuesday that South Korea would hold its first summit with the North in more than a decade.

(with inputs from Reuters)

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First Published: Wed, March 07 2018. 12:03 IST

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MARKETS LIVE: Sensex extends losses, Nifty slips below 10,200; banks fall

Catch all the market action here.

Catch all the market action here. The domestic indices turned negative on Wednesday taking cues from recent developments in the banking sector. That apart, global developments are also keeping sentiment in check.

Among sectoral indices, the Nifty PSU Bank index fell over 2% on Wednesday led by a fall in the shares of Andhra Bank, Canara Bank and Bank of India.

Senior officials from Axis Bank on Tuesday appeared before the Serious Fraud Investigation Office (SFIO), which has started seeking details from lenders with exposure to firms promoted by Nirav Modi and Mehul Choksi with regard to the Rs 127-billion Punjab National Bank (PNB) scam.

A team from Axis Bank, led by Deputy Managing Director V Srinivasan and executives from the trade and transactions department, went to the SFIO’s office in Mumbai, after the investigating agency called them to help in the probe, sources said. The SFIO is understood to have also called officials from other banks, including ICICI Bank, they added.
 

GLOBAL MARKETS

Global stocks and the dollar slumped on Wednesday after a key advocate for free trade in the White House announced his resignation, fanning fears that US President Donald Trump would go ahead with tariffs and risk a trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent, while  Japan’s Nikkei retreated 0.2 per cent.

South Korea’s KOSPI bucked the trend and rose 0.3 per cent amid a perceived easing of regional tensions, following news on Tuesday that South Korea would hold its first summit with the North in more than a decade.

(with inputs from Reuters)
 image
Business Standard
177 22

MARKETS LIVE: Sensex extends losses, Nifty slips below 10,200; banks fall

Catch all the market action here.

The domestic indices turned negative on Wednesday taking cues from recent developments in the banking sector. That apart, global developments are also keeping sentiment in check.

Among sectoral indices, the Nifty PSU Bank index fell over 2% on Wednesday led by a fall in the shares of Andhra Bank, Canara Bank and Bank of India.

Senior officials from Axis Bank on Tuesday appeared before the Serious Fraud Investigation Office (SFIO), which has started seeking details from lenders with exposure to firms promoted by Nirav Modi and Mehul Choksi with regard to the Rs 127-billion Punjab National Bank (PNB) scam.

A team from Axis Bank, led by Deputy Managing Director V Srinivasan and executives from the trade and transactions department, went to the SFIO’s office in Mumbai, after the investigating agency called them to help in the probe, sources said. The SFIO is understood to have also called officials from other banks, including ICICI Bank, they added.
 

GLOBAL MARKETS

Global stocks and the dollar slumped on Wednesday after a key advocate for free trade in the White House announced his resignation, fanning fears that US President Donald Trump would go ahead with tariffs and risk a trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent, while  Japan’s Nikkei retreated 0.2 per cent.

South Korea’s KOSPI bucked the trend and rose 0.3 per cent amid a perceived easing of regional tensions, following news on Tuesday that South Korea would hold its first summit with the North in more than a decade.

(with inputs from Reuters)

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Business Standard
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