Sensex Slips 144 Points, Nifty Holds 10,500; Bank Stocks Cracked

Share Market News 14-February-2018

The Benchmark indices started off the day higher on Wednesday with Sensex rose over 100 points while Nifty was up by 30 to trade above 10,550 levels, tracked positive cues. Benchmark indices traded in a tight range around Monday's close as Sensex gained 30 points while Nifty held 10,550. Nifty midcap outperformed the market, it was up by half a percent.

In the afternoon session, the market remained volatile as Sensex was down by 35 points but the broader market continued to outperform Indices. PSU Bank was the biggest loser among sectoral indices.

In the last hour of trade, the market extended losses as Sensex fell over 200 points while Nifty slipped below 10,500. The market closed lower as PSU bank Index fell sharply almost by 5% on Rs.11,300-crore worth of fraud in PNB Mumbai branch, and revision of NPA rules by RBI. Sensex closed 144.52 points down at 34,155.95, Nifty down by 38.85 points at 10,500.90.

Top Gainers

Tech Mahindra by 3.07% to Rs.608.50, IBULHSGFIN by 1.99% to Rs.1,341, Adani Ports by 1.80% to Rs.410.60, Bharti Airtel by 1.67% to Rs.431.50, RIL by 1.47% to Rs.929.

Top Losers

Yes Bank by -4.79% to Rs.319.35, SBIN by -4.59% to Rs.275.50, Axis Bank by -3.97 to Rs.541.80, ONGC by -3.38% to Rs.184.55, Bharti Infratel by -3.07% to Rs.327.85.

Analysis Of Top Gainer And Loser

Tech Mahindra is the top gainer in today's market as the company has won the HYSEAs best company award for its corporate social responsibility (CSR) efforts in the fields of environmental sustainability and education.

Yes Bank is the top loser in today's market after the Reserve Bank of India (RBI) scrapped corporate debt restructuring (CDR), strategic debt restructuring (SDR), sustainable structuring of stressed assets (S4A) and joint lenders forum (JLF) schemes to restructure defaulted loans.

Key Market News

Japan's economy grew for the eighth straight quarter at the end of 2017, the longest period of expansion since the boom days of the late 1980s, reports AFP. Gross domestic product in the fourth quarter of last year rose 0.1% from the previous three months, the Cabinet Office said. At an annualised rate, the world's third-largest economy grew 0.5%. The gains were driven by upturns in consumer spending as well as increased investment by Japanese firms on equipment and facilities.

Reserve Bank of India (RBI) scrapped corporate debt restructuring (CDR), strategic debt restructuring (SDR), sustainable structuring of stressed assets (S4A) and joint lenders forum (JLF) schemes to restructure defaulted loans. On Monday, the central bank removed a host of norms such as SDR and S4A, and made the process time-bound. The new rules stipulate that starting 1 March, lenders must implement a resolution plan within 180 days for accounts of at least Rs.2,000 crore.

India's consumer price index (CPI) or retail inflation eased stood at 5.07% in the month of January 2018, lower from 5.21% in December 2017.

Industrial activity saw robust growth for the second consecutive month in December, with the Index of Industrial Production growing 7.07%. The rise follows strong growth in the manufacturing, capital goods, and consumer non-durables sectors, according to official data released on Monday.

Stocks To Watch

Sonata Software Ltd. is on the upside while PNB the downside.

Sonata Software is currently trading at Rs.344.70, up by Rs.50.10 or 17.01% from its previous closing of Rs.294.60 on the NSE. The scrip opened at Rs.294 and has touched a high and low of Rs.353.50 and Rs.294 respectively. So far 28,26,228 (NSE) shares were traded on the counter. The current market cap of the company is Rs.3,570.68 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.353.50 on 14-February-2018 and a 52 week low of Rs.143 on 25-May-2017.

PNB is currently trading at Rs.144.85, down by Rs.16.80 or 10.39% from its previous closing of Rs.161.65 on the NSE. The scrip opened at Rs.158.95 and has touched a high and low of Rs.158.95 and Rs.144.65 respectively. So far 6,83,96,778 (NSE) shares were traded on the counter. The current market cap of the company is Rs.35,365.06 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.128.20 on 03-October-2018.