Indian stock markets are likely to open higher on Wednesday following the upsurge in the Asian markets in the morning deals today. The early indicator of NSE Nifty, SGX Nifty Futures was trading up 0.63% at 10,430.5 on Singapore Exchange. In another blow today in the biggest banking scandal at PNB, CBI has arrested a General Manager rank officer of Punjab National Bank, PTI reported citing unidentified officials. Shares of PNB managed to close in green on Tuesday after the five-day rout in the stock prices on the worries of Rs 11,400 crore fraud. Punjab National Bank has lost Rs 10,939 crore in its market capitalisation during the same period under review.
These shares will be in focus today
Reliance Industries: Reliance Industries has agreed to acquire 5% stake in media firm Eros International, through a subsidiary for $15 per equity share.
Capital First & IDFC Bank: Capital First said the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.
Fortis Healthcare: Promoter and promoter group holdings in Fortis Healthcare have come down to 5.87% from 8.85%.
Raymond: The Raymond Group, under JK Investors (Bombay) Ltd, today signed pacts worth Rs 425 crore with the government of Maharashtra.
PNB: Finance Minister Arun Jaitley broke his silence over the Rs 11,400 crore fraud at India’s second-biggest bank, PNB and said the state will chase down fraudsters to the end even as he took the management of the lender to task for its failure to check the delinquents.
PNB Housing Finance: PNB Housing Finance, a subsidiary of Rs 11,400 crore scam-hit Punjab National Bank, plans to raise USD 400 million (about Rs 2,560 crore) through masala bonds to fund building of affordable homes, PTI reported.
Bank of Baroda: Bank of Baroda said it has an exposure of Rs 456.6 crore in Rotomac Global, which is being investigated by CBI and the Enforcement Directorate in connection with an alleged bank loan fraud of Rs 3,695 crore.
The Indian rupee on Tuesday
The Indian rupee got weaker on Tuesday against the US dollar tumbling as much as 58 paise hitting the lowest level since November 2017 as the extended sell-off by foreign investors in the domestic equity markets weighed. The forex market and settlement houses were closed on Monday on the account of Chhatrapati Shivaji Maharaj Jayanti. The rupee lost a whopping 58 paise to close at 64.79 against the US dollar on Tuesday. During the day, the domestic currency tumbled about 64 paise to hit 64.85 apiece US dollar, its lowest since 23 November 2018.
Indian stock markets on Tuesday
India’s stock market ended on a negative note on Tuesday after falling in the last hour of the closing bell with Sensex losing 71 points to end at 33,703 and Nifty shedding 18 points to conclude at 10,360. Indian equity markets traded saw a vertical decline at around 2:45 pm with the BSE Sensex tumbling 116.77 points to hit the day’s low of 33,657.89 after trading higher up until the afternoon trades. Shares of the fraud-hit Punjab National Bank finally managed to close in green after the five-day bloodbath as India’s second-largest lender was hit by the so-called biggest banking scam in the nation. The S&P BSE Sensex fell 71.07 points or 0.21% to finish at 33,703.59 whereas NSE Nifty ended 18 points or 0.17% lower at 10,360.4 on Tuesday.
US stock markets on Tuesday
The Dow and S&P 500 fell on Tuesday to snap a six-session winning streak as a sharp decline in Walmart weighed heavily, but gains in Amazon and chip stocks helped the Nasdaq hold near the unchanged mark, Reuters said in a report. The Dow Jones Industrial Average fell 254.63 points, or 1.01 percent, to 24,964.75, the S&P 500 lost 15.96 points, or 0.58 percent, to 2,716.26 and the Nasdaq Composite dropped 5.16 points, or 0.07 percent, to 7,234.31.