Indian stock markets extended the early gains in the afternoon trades with Sensex reclaiming 34,500-mark and Nifty rallying as much as 118 points while a heavy drag on shares of PNB kept Nifty Next 50 flat. The S&P BSE Sensex added as many as 379.13 points to hit an intraday high of 34,535.08 and NSE Nifty surged 118 points to mark the day’s peak at 10,618.1. A sustained slump in the shares of Punjab National Bank kept the Nifty Next 50 index flat despite a rise in shares of Shree Cements, United Spirits, Hindustan Zinc, Shriram Transport Finance Company, Cummins India, LIC Housing Finance and DLF. All these shares advanced 1-5%.
A rise in shares of blue-chip companies of ICICI Bank, Infosys, Yes Bank, HDFC, Dr Reddy’s, Adani Ports, Power Grid, SBI, TCS, ITC, and Reliance Industries was observed among the Sensex components. The heavyweight shares of ICICI Bank, Infosys, HDFC, Reliance Industries, ITC and TCS contributed heavily to the Sensex. Collectively these six stocks added about 283 points to the index.
Apart from benchmark Nifty 50 index, almost all the sectoral indices traded in red except Nifty Media. Indices like, Nifty Bank, Nifty Fin Service, Nifty Metal, Nifty FMCG, Nifty IT and Nifty Pvt Bank index led the charge rising up to 1.2%. Among the broader indices of NSE, Nifty Next 50 traded down 0.23% at 30,110.25 with Nifty Midcap 50, Nifty Mid100 Free and Nifty Sml100 Free shedding up to 0.7% whereas Nifty 100, Nifty 200 and Nifty 500 rose up to 0.7%. In the opening counters, BSE Sensex rose 51.62 points or 0.15% to begin at 34,207.57 whereas NSE Nifty added 37 points or 0.35% to start the day at 10,537.9.
At the time of writing, shares of Punjab National Bank were trading down 7.03% at Rs 135.55 on BSE. In the early trades, shares of Punjab National Bank extended the losses Thursday plunging over 8% amid the heavy trading volumes. The stock of Punjab National Bank shed as much as 8.47% to the day’s low of Rs 133.45 on BSE while the stock crashed 8.57% to the day’s low of Rs 133.35. As at 1:25 pm, more than 8.4 crore shares exchanged hands on both NSE and BSE with about 7.8 crore shares on NSE alone.
Earlier yesterday, the state-run Punjab National Bank detected a $1.77 billion (about Rs 11,400 crore) scam in a Mumbai branch where billionaire jeweller Nirav Modi was alleged in acquiring fraudulent letters of undertaking (LoUs) to secure overseas credit from other Indian lenders. “The Bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad,” Punjab National Bank said in an exchange filing.