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19
February 2018
I had
mentioned in Friday’s closing report that Nifty, Sensex might head higher after
a small dip. The major indices of the Indian stock markets suffered a
correction on Monday and closed with losses over Friday’s close. On the NSE,
there were 288 advances, 1,105 declines and 39 unchanged. The trends of the
major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
Selling
pressure in metals, banking, capital goods, auto and oil and gas stocks dragged
the key Indian equity indices lower on Monday, with the benchmark Sensex
tanking over 300 points. Index heavyweights like Tata Steel, State Bank of
India, Bharti Airtel, Sun Pharma and Adani Ports were laggards on the BSE.
PSU
(public sector undertakings) banks continued to fall after the Punjab National
Bank disclosed a Rs11,400 crore fraud eroding nearly Rs9,000 crore in market
cap in three sessions, observed market analysts.
Apart
from developments on the domestic front, the Indian equity markets would seek
direction from global markets during the coming week, said market analysts.
The
CBI (Central Bureau of Investigation) on Monday sealed the Brady House Branch
of the Punjab National Bank as multiple probe agencies continued with their
probe into the over Rs11,000 crore fraud, according to officials. PNB shares
closed at Rs116.40, down 7.36% on the BSE.
The
CBI questioned 11 Punjab National Bank (PNB) officials as well as Vipul Ambani,
the Chief Financing Officer of diamond merchant Nirav Modi's Firestar
International company, in connection with the multi-crore bank fraud, an
official said. The Total Investment & Insurance
Solutions
The
CBI has set up a team to examine balance sheets and electronic data of
Gitanjali group of companies and its India-based 18 subsidiaries headed by
Mehul C. Choksi who is accused along with diamond merchant Nirav Modi in the
multi-crore Punjab National Bank (PNB) fraud, officials privy to the case said
on Sunday. Gitanjali Gems shares closed at Rs33.75, down 9.88% on the NSE.
State-run
UCO Bank on Saturday said it has an outstanding exposure of about $411.82
million in the $1.8 billion fraud detected in public sector Punjab National
Bank (PNB) and that it was confident of receiving the payment. UCO Bank shares
closed at Rs27.00, down 4.74% on the NSE.
With
the second largest Indian bank Punjab National Bank (PNB) hit by massive $1.8
billion fraud and other banks hit by frauds as well, Chief Economic Advisor to
Indian government Arvind Subramaniam on Saturday advocated more private
participation in public sector banks. The Bank Nifty closed 0.42% on the NSE on
Monday. The Total Investment & Insurance
Solutions
Prime
Minister Narendra Modi on Sunday laid the foundation stone of the
Rs16,000-crore Navi Mumbai International Airport and inaugurated the country's
largest container terminal at Jawaharlal Nehru Port Trust, constructed at a
cost of Rs4,719 crore here. These infrastructure developments are likely to
assist in the long term bullish trend of the Indian stock markets.
Industrial
conglomerate Larsen and Toubro (L&T) on Monday said its construction arm
has bagged orders worth Rs1,680 crore from the Pune Municipal Corporation to
revamp the water supply system in the city. The company’s shares closed at
Rs1,295.50, down 2.47% on the NSE.
The
top gainers and top losers of the major indices are given in the table below:
 |
Top Gainer (The Total
Investment & Insurance Solutions)
The
closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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