Indian benchmark indices failed to hold on to early gains and surrendered to the Bears during the second half of today’s trading session as weak global cues kept investors cautious with crude slipping to 10-month lows despite production cuts by OPEC.
BSE Sensex hit an all-time intraday high of 31,522.87 points but fell under selling pressure and closed flat at 31,290.74 points while NSE Nifty, the broader gauge, too lost pace during the second half of the trading session and closed flat at 9,630.00 points. BSE Mid-cap index closed 87.67 points or 0.59% lower at 14,763.07 points while BSE Small-cap index closed 86.78 points or 0.55% lower at 15,609.49 points.
Early in today’s trading session, banking stocks pulled the indices up on the back of reports that bankruptcy proceedings are being initiated by the lenders, after RBI’s earlier diktat in this regard in an attempt to clean up the Rs 9.63 lakh crore NPA mess that India is staring at. The BSE Bankex gained 42.31 points through the day to close at 26,816.81 points. SBI was up 1.5% at Rs 294.55; Yes Bank 1.45% at Rs 1,452.95; Kotak Mahindra Bank 0.58% at Rs 997.65 and Federal Bank 0.56% at Rs 117.50.
Shares of Indiabulls Real Estate tanked over 15 percent today after the company’s promoter group entity, IBREL IBL Scheme Trust, sold 3.3 crore shares of the company for about Rs 662.83 crore through an open market transaction. At the close of trade, Indiabulls Housing Finance was down 0.67 percent at Rs 1,114.25 while Indiabulls Ventures was down 4.45 per cent at Rs 186.10.
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“IBREL IBL Scheme Trust, of which Indiabulls Real Estate (the Company) is the sole beneficiary, has sold 33 million shares of the Company, on 22nd June 2017 at the stock exchanges, and has realised approx. Rs 662.83 crore at an average price of about Rs 200.85 per share,” Indiabulls Real Estate said in a BSE filing.
Shares of Reliance Communications gained 4.56 percent to Rs 20.65 on BSE on the back of reports that it has started the process to monetise its real estate assets in Delhi and Mumbai as part of its efforts to pare its Rs 45,000-crore debt.