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  1. Sensex falls for 5th day, slips 429 pts, Nifty trips below 10,250 as heavyweights tumble; PSU banks crash

Sensex falls for 5th day, slips 429 pts, Nifty trips below 10,250 as heavyweights tumble; PSU banks crash

Indian stock markets ended in negative territory for the fifth straight session on Tuesday with Sensex plunging 429 points and Nifty slipping below 10,300-mark as shares of heavyweight stocks such as ICICI Bank, Reliance Industries, HDFC Bank, ITC, TCS, SBI tumbled while PSU banks shares crashed heavily today.

By: | Updated: March 6, 2018 4:08 PM
The S&P BSE Sensex lost 429.58 points or 1.27% to conclude at 33,317.2. (Image: Wikimedia Commons)

Indian stock markets ended in negative territory for the fifth straight session on Tuesday with Sensex plunging 429 points and Nifty slipping below 10,250-mark as shares of heavyweight stocks such as ICICI Bank, Reliance Industries, HDFC Bank, ITC, TCS, SBI tumbled while PSU banks shares crashed heavily today. The S&P BSE Sensex lost 429.58 points or 1.27% to conclude at 33,317.2 whereas NSE Nifty settled below 10,300, at 10,221.2, down by 137.65 points or 1.33%. Shares of the blue-chip private sector lender ICICI Bank dragged the key equity indices heavily after the anti-fraud agency, SFIO summoned MD & CEO of ICICI Bank in the PNB fraud case.

The stock of ICICI Bank was one biggest loser among the Sensex components today along with shares of Sun Pharma, State Bank of India, M&M, Axis Bank, Bharti Airtel, Maruti Suzuki, Reliance Industries, Kotak Mahindra Bank, TCS, ITC, and Adani Ports. Shares of ICICI Bank dropped 2.71% to Rs 294.9 while the stock of Axis Bank plummeted 2.42% to end at Rs 511 on BSE. Other shares which also tumbled in today’s session include Sun Pharma (down 3.19%), State Bank of India (down 3.15%), M&M (down 2.57%), Bharti Airtel (down 2.18%), Maruti Suzuki (down 2.03%), Reliance Industries (down 1.96%), Kotak Mahindra Bank (down 1.89%), TCS (down 1.68%), ITC (down 1.63%), Adani Ports (down 1.61%), Bajaj Auto (down 1.6%), Tata Motors (down 1.6%), HDFC Bank (down 1.55%), L&T (down 1.53%), Power Grid (down 1.45%), Wipro (down 1.41%) and HDFC (down 1.26%).

Also Read | ICICI Bank shares crack over 1% as SFIO summons Chanda Kochhar in PNB fraud case

In a major blow today, SFIO confirmed sending notices to ICICI Bank’s MD Chanda Kochhar and Axis Bank’s MD & CEO Shikha Sharma. Both the top bankers, Chanda Kochhar and Shikha Sharma have been asked to appear today in office in Mumbai.

Shares of IndusInd Bank and Tata Steel were the only notable gainers today rising up to 2.3%. The heavyweight shares of companies such as ICICI Bank, HDFC, Reliance Industries, HDFC Bank, ITC, TCS, SBI, Maruti Suzuki, Sun Pharma, L&T, Kotak Mahindra Bank, M&M, Infosys, Axis Bank, and Tata Motors contributed the most to the Sensex fall. Collectively these 15 stocks wiped off 409 points out of the index. During the day, the benchmark Sensex dropped to an intraday low of 33,209.76, down by 850.37 points from day’s high of 34,060.13.

PSU bank stocks dived massively in Tuesday’s trades after slipping into negative territory in the late morning deals with shares of scam-hit PNB, India’s largest lender SBI and Bank of Baroda shedding 2-3% while five PSBs (public sector banks) including Bank of India and Bank of Baroda touching their respective 52-week lows. All the components of Nifty PSU Bank index ended in red with the benchmark Nifty PSU Bank index losing 3.32%.

Shares of Bank of India, Canara Bank, Union Bank of India, Allahabad Bank, Andhra Bank, and Bank of Baroda touched their respective 52-week lows on the bourses today losing 2-7.1% while Indian Bank, Syndicate Bank, IDBI Bank and Oriental Bank of Commerce plunged up to 6%.

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