Closing Bell Friday: Sensex falls 287 pts, Nifty ends below 10,500; PSU Bank Index dips 2.5%
The benchmark indices ended off day’s low but remained under pressure during the day.
The 30-share BSE Sensex was down 286.71 points at 34,010.76 and the 50-share NSE Nifty was down 94.30 points at 10,451.20.
The PSU Bank index fell more than 2.5% as all stocks caught in a bear trap after PNB detected transaction fraud worth USD 1.8 billion (Rs 11,300 crore). PNB and Bank of Baroda were biggest losers, falling nearly 5 percent each. Bank of India, IDBI Bank, Union Bank, Syndicate Bank, SBI, Indian Bank, Canara Bank, Andhra Bank, OBC and Allahabad Bank were down 1-3 percent.
Fortis Healthcare slipped 20% to Rs 115 in noon deal trade, falling 24% from its intra-day high on BSE on back of heavy volumes after the Supreme Court (SC) allowed financial institutions to sell pledged shares of the company.
Motherson Sumi Systems has fallen 6% to Rs 321 on BSE in intra-day trade, extending its past two days 6% decline after the auto ancillary company reported a weak operational performance in December 2017 (Q3FY18) quarter. The company’s consolidated net profit grew 5% to Rs 4.37 billion due to higher depreciation and tax outgo. Total sales during the quarter rose 36% to Rs 143 billion over the previous year quarter.
8K Miles Software Services surged 10% to Rs 867 on BSE in intra-day trade in an otherwise subdued session after the company announced that it is launching 8K Health Edge, a proprietary Blockchain platform which, may translate into solutions for some of the most complex problems in global healthcare.
Shares of Union Bank of India declined more than 3 percent intraday after the lender said it has an exposure of Rs 1,900 crore to the PNB fraud case.
Shares of Gitanjali Gems plunged another 20 percent in after the company came under scanner of various investigating agencies following Punjab National Bank’s Rs 11,400-crore fraud detection. The stock fell for the third straight session to hit 52-week low on both BSE and NSE. Among other jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ) fell 2.52 percent to a low of Rs 110, Thangamayil Jewellery slumped 5 percent to Rs 514.45, Rajesh Exports fell nearly one percent to Rs 795.55. PC Jeweller, which had slumped 19.50 percent intraday yesterday, was trading in the positive territory.
Shares of Indoco Remedies added 6.4 percent in the morning as it has received certification for its Goa plant. The company received European GMP certification from Regulatory Authority of Hungary for its manufacturing facility for non-sterile products (Goa-plant III). The EU GMP certification will enable the company to export medicinal products to all European countries. The granted GMP certification will also continue to support export of drug products to Canada, Australia, New Zealand and rest of the emerging territories as well, company said in a release.