Sensex, Nifty Drop As Deficit, Bank Fraud Weigh On Sentiment
Indian equity benchmarks fell dragged down by banking shares as Punjab National Bank's Rs 11,000 crore fraud weighed on the investor sentiment.
The S&P BSE Sensex fell 286.71 points or 0.8 percent to 34,010.76 and the NSE Nifty 50 Index declined 0.88 percent or 93 points to 10,452.
Selling pressure in today's session was broad-based as the mid-cap and small-cap shares underperformed their larger counterparts. The S&P BSE MidCap and S&P BSE SmallCap Indices fell 1.2 percent each.
All sector gauges compiled by the National Stock Exchange ended lower dragged down by the Nifty PSU Bank Index's 2.5 percent fall.
Fab Four Stocks Of The Day
Vakrangee: The Mumbai-based e-governance service provider was locked in a five percent upper circuit for fifth day in a row after facing a sharp selloff.
8K Miles Software: Shares of the software developer rose as much as 10 percent to Rs 86.65 after it announced blockchain platform 8K Health Edge.
PC Jeweller: The Delhi-based jeweller rose 7 percent to Rs 381 after company clarified that the company does not use a letter of credit/letter of undertaking in business transactions and buys all diamonds from local markets on a cash basis only.
Indoco Remedies: Shares of the Mumbai-based drug maker rose as much as 6.4 percent to Rs 277.25 after the company received European GMP certification from Regulatory Authority of Hungary for its Goa plant.
Stocks Moving On Heavy Volumes
- Torrent Pharma: The Ahmedabad-based drug maker was trading 0.3 percent higher at Rs 1,422. As many as 5 lakh shares changed hands on the BSE compared with an average of 8,700 shares traded daily
in the past two weeks.
- Motherson Sumi: The Noida-based auto parts maker fell 4.5 percent to Rs 326. As many as 31 lakh shares changed hands on the BSE compared with an average of 1.35 lakh shares traded daily in the past two weeks.
- Federal Bank: The Kerala-based private sector lender rose 1.8 percent to Rs 96.15. As many as 1.08 crore shares changed hands on the BSE compared with an average of 5.8 lakh shares traded daily in the past two weeks.
- NTPC: The Delhi-based power producer were trading 0.06 percent lower at Rs 162.8. As many as 34 lakh shares changed hands on the BSE compared with an average of 6.35 lakh shares.
PSU Bank Index Extends Selloff Dragged Down By PNB
Shares of the government-owned banks were trading lower dragged down by Punjab National Bank's 5 percent fall. Gauge of state-run lenders was the top sectoral loser on the National Stock Exchange, down 2.4 percent.