Indian Benchmark Indices, BSE Sensex and NSE Nifty 50, closed almost flat today as banking stocks pulled the indices down. BSE Sensex lost 14.04 points or 0.04% to end the session at 31,297.53 points, while NSE Nifty closed 4.05 points or 0.04% lower at 9,653.50 points. BSE Mid-cap index closed 27.55 points or 0.19% higher at 14,845.29 points while BSE Small-cap index closed 25.75 points or 0.16% higher at 15,679.72.
The banking stocks fell on the back of an announcement by the Punjab state government yesterday that it will be waiving off farm loans of upto Rs two lakhs. This waiver will cost the state government an estimated Rs 20,500 crore. The BSE Bankex index plunged over 42 points to 26,802.79 points, just a day after it hit an all-time high of 26,921.97 points. The top loser in the banking sector was Punjab National Bank, down 2.31 per cent at Rs 144.
ICICI Bank recouped its opening losses, to trade nearly one percent higher after its stock price adjusted for bonus shares issue. On 3 May, ICICI Bank had announced the issue of 1 bonus share for every ten fully paid-up equity shares held as on the record date. The record date for issue of bonus shares has been fixed as June 21.
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Most South-east Asian stock markets ended lower on Tuesday, with Malaysia closing at a near three-week low as continuing outflows dampened investor sentiment, ahead of a holiday next week marking the end of the Muslim holy month of Ramadan, Reuters reported. Indonesian shares, however, climbed 0.9 percent in its second straight session of gains.
Indian electric utility company, Tata Power on Tuesday’s trading session sizzled on the bourses, as the company is expected to dilute its share in Indian Energy Exchange (IEE) through its IPO. Tata Power closed at Rs 82.15 per share, up by 5.3%.
The Indian rupee closed at 64.49 against the US Dollar. The domestic currency had opened marginally lower at 64.48 per dollar against its previous close of 64.43.