19
Thursday
July 2018
1:14 AM IST
News Headlines
Bolt poised for surprise trial with Aussie football club        Iceland coach steps down after 7 years in charge        Govt doubles import duty on over 50 textile products        Walmart partners with Microsoft for cloud solutions        Official: 54 released from Taliban prison in Afghanistan        Putin: US-Russia ties should not be held hostage to Mueller probe        Two dead, 3,500 relocated as rains lash parts of Gujarat        LJP raises Dalit issues in all-party, NDA meetings        SC asks Parliament to consider new law to deal with mob lynching        Court's duty to strike down law if it violates fundamental right: SC        After Kohli, assistant coach Bangar comes to Dhoni's defence        France set for heroes' welcome after thrilling World Cup win        Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar        May announces new 2 bn pounds UK-Italian fighter jet project        Russia targeted by almost '25 million cyber-attacks' during World Cup: Putin        Afghan official: Taliban kill 7 police in eastern province        Trump and Putin open historic summit        From April next year, national database for gun licence holders        SC refuses to stay new rules on health warning for tobacco products        CBI chargesheets Farooq Abdullah, three others in JKCA scam        
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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)


Govt doubles import duty on over 50 textile products
Walmart partners with Microsoft for cloud solutions
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
May announces new 2 bn pounds UK-Italian fighter jet project
Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
Mukesh Ambani announces high-speed broadband, Jio Phone 2 with WhatsApp, FB
Gadkari flags off taxi ambulance services
India expecting US to get in touch with it over sanctions on Iran
Nifty ends higher, hovers around 10,700-mark
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Official: 54 released from Taliban prison in Afghanistan
 Kabul, Jul 17 (AP) An Afghan official says at least 54 people, including security personnel and civi
Putin: US-Russia ties should not be held hostage to Mueller probe
Russia targeted by almost '25 million cyber-attacks' during World Cup: Putin
Afghan official: Taliban kill 7 police in eastern province
NATIONAL NEWS
Two dead, 3,500 relocated as rains lash parts of Gujarat
 Rajkot/Ahmedabad, Jul 17 (PTI) Two persons, including a school boy, drowned as incessant rains lashe
LJP raises Dalit issues in all-party, NDA meetings
SC asks Parliament to consider new law to deal with mob lynching
From April next year, national database for gun licence holders
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