21
Tuesday
August 2018
3:17 PM IST
News Headlines
UAE offers Rs 700 crore for Kerala        When nature let us go there, I plan to help people rebuild their homes, says Rohini        Bodies found as flood recedes        SC judges to contribute to Kerala flood relief fund        28 more services from Trivandrum International airport        Rahul Gandhi Demands More Fund, Kiren Rijiju Says 'no Politics'        West Bengal govt to give Rs 10 crore for Kerala flood relief: Mamata Banerjee        6.9 magnitude earthquake hit Indonesia's Lombok        12 of Imran’s 21 cabinet members held key posts during Musharraf regime        India bowl out England for 161 at tea        Kerala flood: Papa CJ expressed his willingness to perform at fund-raiser programmes        Declare Kerala floods a national disaster: Rahul Gandhi asks PM        PM announces an interim relief of Rs 500 Cr        PM's aerial survey called off        Centre to Supreme Court: ‘Decision taken to reduce Mullaperiyar water level’        Swami Agnivesh assaulted on way to pay homage to Atal Bihari Vajpayee in New Delhi        Imran Khan Elected New Pakistan PM, Seen In Tears After Vote        'He's innocent': US threatens more sanctions on Turkey if pastor not freed        Kerala floods: Sanju Samson contributes Rs 15 lakhs towards relief fund        Pregnant woman airlifted by Navy gave birth to baby boy        
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Business News
Sensex sheds 144 pts in late sell-off; bank stocks sink
 
(Mumbai, Feb 14, 2018): Benchmark Sensex succumbed to fag- end profit-booking to end 144 points lower today after banking stocks tumbled on RBI's new norms for recognising stressed assets.

Punjab National Bank (PNB) plunged 9.81 per cent after the state-owned lender said it has detected fraudulent transactions worth USD 1.77 billion (about Rs 11,335 crore).

In a bid to hasten the resolution of bad loans, the RBI has tightened rules to make banks identify and tackle any non-payment of loans rapidly.

The Reserve Bank of India abolished half a dozen existing loan-restructuring mechanisms and instead provided for a strict 180-day timeline for banks to agree on a resolution plan in case of a default or else refer the account for bankruptcy.

The benchmark BSE index opened higher at 34,436.98 on positive domestic and global cues and advanced to hit a high of 34,473.43.

However, it slipped on profit-booking to touch a low of 34,028.68. It finally ended 144.52 points or 0.42 per cent down at 34,155.95.

The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.

Data released after market hours on Monday showed that industrial output expanded by 7.1 per cent in December on robust performance by manufacturing and capital goods sectors.

Retail inflation, on the other hand, eased marginally in January to 5.07 per cent -- after touching a 17-month high of 5.21 per cent in December -- as food prices cooled.

"Strong IIP growth and slowing retail inflation is providing some signs of stabilisation in economy. However, the broad market witnessed some volatility due to under- performance in financials.

"The PSU banks witnessed sell-off as RBI scrapped a number of loan-restructuring schemes which may lead to further jump in provisions, impacting profitability of these banks," said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 814.11 crore on net basis on Monday, while domestic institutional investors bought shares worth Rs 1,342.70 crore, provisional data showed.

In the banking space, Yes Bank slipped 4.40 per cent, SBI 4.06 per cent, Axis Bank 3.35 per cent, ICICI Bank 2.29 per cent and Bank of Baroda 1.75 per cent.

Other losers included ONGC, Sun Pharma, TCS, Power Grid, NTPC, ITC, Bajaj Auto, Maruti Suzuki, Dr Reddy's, Tata Steel, Hero MotoCorp, Infosys, Kotak Mahindra Bank and Asian Paints, falling up to 2.62 per cent.

However, Coal India, RIL, Wipro, Bharti Airtel, Adani Ports, Tata Motors, L&T, HDFC Ltd, HUL and IndusInd Bank ended higher, rising up to 2.47 per cent.

The BSE mid-cap index edged higher by 0.17 per cent, while small-caps gained 0.16 per cent.

Among the BSE sectoral indices, PSU fell the most at 1.80 per cent, followed by banking (1.62 per cent), healthcare (0.69 per cent), power (0.68 per cent), oil and gas (0.34 per cent) and auto (0.30 per cent).

However, capital goods rose by 0.33 per cent, realty 0.19 per cent and infrastructure 0.12 per cent.

Globally, Asian share markets ended mixed and European bourses opened higher as investors await US inflation numbers for clues on the pace of interest rate rises in the world's biggest economy.

Japan's Nikkei fell by 0.43 per cent and Singapore shed 0.36 per cent, while Hong Kong's Hang Seng rose 2.27 per cent and Shanghai Composite Index gained 0.45 per cent.

In the Eurozone, Paris CAC 40 rose 0.70 per cent and Frankfurt moved up 0.76 per cent in their early deals. UK's FTSE also traded higher 0.68 per cent.(PTI)


US dollar ends sharply higher against rupee
Erdogan says Turkey 'won't lose economic war' after lira crash
Nifty scales another peak of 11,470, up 20 points
Govt should consider framing dedicated policy for BPO sector: Par panel
SBI launches unified payment terminal- MOPAD
IKEA to open first India outlet at Hyderabad tomorrow
Govt withdraws FRDI bill in Parliament following backlash
Jet Airways releases salaries to employees, decides against pay cut
TRAI gives nod for sale of 5G spectrum
Maruti Suzuki India posts marginal decline in July sales at 1,64,369 units
RBI rate hike to avoid drifting away from inflation mandate, says Patel
India Post Payments Bank to start operations with 650 branches in August
Twitter kills 143,000 apps, charts new rules for developers
Walmart looks to double wholesale presence in?India, open 20 stores over next three years
Third party insurance for two, four-wheeler be made mandatory: Supreme Court
Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys
Indo-Pacific must be free, open and and inclusive region: Swaraj
Govt working on another verison of UDAN, says Sinha
Talks on between India, Singapore for cruise tourism: Gadkari
Govt doubles import duty on over 50 textile products
KERALA NEWS
UAE offers Rs 700 crore for Kerala
 New Delhi: Kerala CM Pinarayi Vijayan said that the United Arab Emirates has offered Rs 700 crore to  
When nature let us go there, I plan to help people rebuild their homes, says Rohini
Bodies found as flood recedes
28 more services from Trivandrum International airport
INTERNATIONAL NEWS
6.9 magnitude earthquake hit Indonesia's Lombok
 (Lombok, Aug 17, 2018):An earthquake of magnitude 6.9 on Richter scale rocked the island of L
12 of Imran’s 21 cabinet members held key posts during Musharraf regime
Imran Khan Elected New Pakistan PM, Seen In Tears After Vote
'He's innocent': US threatens more sanctions on Turkey if pastor not freed
NATIONAL NEWS
SC judges to contribute to Kerala flood relief fund
 New Delhi: The judges of the Supreme Court will contribute to the Kerala flood relief fund, Chief Ju
Rahul Gandhi Demands More Fund, Kiren Rijiju Says 'no Politics'
West Bengal govt to give Rs 10 crore for Kerala flood relief: Mamata Banerjee
Swami Agnivesh assaulted on way to pay homage to Atal Bihari Vajpayee in New Delhi
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