Wednesday 16 May 2018

Market Live: Nifty extends losses, Sensex falls over 200 pts; Bank index dips 1%

Most Asian stocks traded lower following a down day for Wall Street as the US 10-year Treasury yield rose to 3.09 percent overnight.


Market Update: Benchmark indices extended losses in morning, with the Sensex falling 238.81 points to 35,305.13 and the Nifty declining 77.80 points to 10,724.10.

More than two shares declined for every share rising on the BSE.
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Buzzing: Shares of Punjab National Bank (PNB) touched a 52-week low of Rs 76.10, falling 12 percent in the early trade post weak numbers posted by the company for the quarter ended March 2018.

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The company has reported a net loss of Rs 13,416.91 crore for the fourth quarter ending March 2018.

The profit was dragged by a three-fold surge in provisions towards bad loans, which was taken upfront during the quarter.

In the same quarter a year ago, the bank had turned around due to write-back in pension provisions to report a profit of Rs 261.9 crore as against a massive loss of Rs 5,367.1 crore in March-end quarter 2016.

Total hit to PNB on account of the Nirav Modi-scam is Rs 14,356.84 crore. This includes unauthorized letters of undertaking and domestic loan.

Due to high provisions, the capital adequacy ratio (CAR) dipped to 9.2 percent, below the minimum of 11.5 percent laid down by Basel-III norms.

The banks total net worth fell below the amount of non-performing loans.

Rupee Update: The Indian rupee recovered sharply after opening 7 paise lower, trading higher by 18 paise at 67.89 against the US dollar.

Rupee Update: The Indian rupee slipped further on Wednesday. It has opened lower by 7 paise at 68.14 per dollar.

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In the previous session rupee ended at 68.07 (down 56 paise from Monday's close), the lowest level since January 2017 post-BJP fell short of a clear majority in Karnataka.

Anand James, Chief Market Strategist at Geojit Financial Services said, "With food and fuel prices pushing CPI higher, rupee’s weakness has hastened, sinking to a 16-month low. Political uncertainty after the Karnataka elections also did not help."

"RBI’s recent minutes had also revealed a hawkish bias, and the firm inflation now agrees with the same. To this end, oil’s trajectory for the rest of the month and trade balance figures for April would be crucial as market weighs RBI’s take on the rates," he added.


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