PSU Banks Dragged Sensex Down; Nifty Below 10,600
Feb 27, 2018 | 18:08 PM IST
Feb 27, 2018 | 18:08 PM IST
Share Market News 27-February-2018
The equity market on Tuesday started on a positive note as Sensex climbed over 100 points while Nifty reclaimed 10,600 mark. Benchmark Indices gave up all of its gains & traded lower as Sensex fell nearly 100 points while Nifty traded below 10,600, following selling among financials, especially the Bank Nifty, PSU banks, along with midcaps.
In the afternoon session, the market continued to trade lower as Sensex fell over 100 points while Nifty dipped below 10,550 levels. Nifty midcap and smallcap continued to trade in red. Among the sectoral indices realty, bank and finance fell by more than 1%. FMCG, IT, Energy index traded in positive territory.
In the last hour of the trade, equity benchmark continued to trade lower as Sensex was down by 60 points as Nifty traded tad above 10,550 levels. Benchmark indices ended the day on a lower note, due to selling pressure in Nifty PSU bank, Realty, Financial Services & Nifty Bank Index, along with midcap & smallcap. Sensex closed 99.36 points down at 34,346.39, Nifty up by 28.30 points at 10,554.30.
Bharti Airtel by 2.08% to Rs.431.95, Dr. Reddy by 1.92% to Rs.2,236, Reliance by 1.36% to Rs.951.50, Hero Motocorp by 1.33% to Rs.3,584.85, NTPC by 1.32% to Rs.165.10.
Ambuja Cement by -4.16% to Rs.252, SBIN by -2.46% to Rs.267.70, Axis Bank by -2.32 to Rs.539.50, Sun Pharma by -2.31% to Rs.543.10, Coal India by -2.12% to Rs.307.40.
Analysis Of Top Gainer And Loser
Dr. Reddy is the top gainer in today's market as company has received the establishment inspection report (EIR) from the drug regulator USFDA for its Srikakulam plant. The drug regulator has sought more details post its inspection of the plant. Without going into the content of the EIR, said the USFDA has maintained official action indicated status at its plant.
Ambuja Cement is the top loser in today's market after the cement makers called off their long-due merger for now citing current constraints with ACC Ltd. The transfer of mines between the two was proving to be uneconomical, said market watchers.
Key Market News
The finance ministry on Tuesday gave a 15-day deadline to state-run banks to take pre-emptive action and identify and address operational and technological risks. The government also stressed on the accountability of the top management of banks. The governments diktat comes in the wake of the Rs.12,700 crore scam that hit Delhi-based lender Punjab National Bank.
State-run lender Punjab National Bank informed the exchanges late last night that the quantum of fraud in the Nirav Modi case could be more by Rs.1,300 crore than the current amount of Rs.11,400 crore which it disclosed on February 14. This new revelation takes the fraud amount to over Rs.12,700 crore.
China-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for infrastructure-related projects in 2018, a senior official of the AIIB said on Tuesday. The funds would be used for investment in Indias energy, roads and urban development projects, and the bank will examine allocating more funds for such projects next year, D.J. Pandian, the AIIBs chief investment officer said.
Stocks To Watch
HEG Ltd. is on the upside while Punjab National Bank is on the downside.
HEG Ltd. is currently trading at Rs.2,788, up by Rs.200.75 or 7.76% from its previous closing of Rs.2,587.25 on the NSE. The scrip opened at Rs.2,613.60 and has touched a high and low of Rs.2,823.90 and Rs.2,613.60 respectively. So far 11,77,341 (NSE) shares were traded on the counter. The current market cap of the company is Rs.11,142.61 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.3,144.30 on 16-January-2018 and a 52 week low of Rs.192.05 on 27-February-2017.
PNB is currently trading at Rs.97.55, down by Rs.14.45 or 12.90% from its previous closing of Rs.112 on the NSE. The scrip opened at Rs.106.80 and has touched a high and low of Rs.106.80 and Rs.96.05 respectively. So far 20,20,69,429 (NSE) shares were traded on the counter. The current market cap of the company is Rs.23,855.65 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.231.45 on 26-October-2017 and a 52 week low of Rs.96.05 on 27-February-2018.
Niveza Editorial Desk :
We are a team of stock market nerds trying to stay ahead of the herd. We spend our grey cells everyday to a pave a smooth road for our clients in the shaky world of stock market. While tracking the mood swings of the market we bring our clients the most rewarding deals.
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