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  1. Sensex jumps over 150 pts, Nifty reclaims 10,600; PNB shares tank nearly 9% as fraud gets berserk

Sensex jumps over 150 pts, Nifty reclaims 10,600; PNB shares tank nearly 9% as fraud gets berserk

India's equity markets started higher on Monday with Sensex jumping over 150 points and Nifty reclaiming the 10,600 mark after both the key indices advanced to their respective three-week highs in Monday's session while shares of the scam-hit PNB tanked nearly 9% as the multi-million fraud got murkier.

By: | Updated: February 27, 2018 9:58 AM
The stock of PNB tanked as much as 8.75% to hit a fresh 52-week low of Rs 102.1 on Tuesday. (Image: Wikimedia Commons)

India’s equity markets started higher on Monday with Sensex and Nifty opening marginally higher after both the key indices advanced to their respective three-week highs in Monday’s session. The S&P BSE Sensex surged 112.81 points or 0.33% to begin the day at 34,558.56 whereas NSE Nifty gained 32.6 points or 0.31% to open at 10,615.2. Shares of the fraud-hit PNB witnessed a major jolt in the very early trades on Tuesday after the state-run had said that the quantum of the fraudulent transactions could go up by nearly Rs 1,300 crore from the present estimates of about Rs 11,400 crore. The stock of PNB tanked as much as 8.75% to hit a fresh 52-week low of Rs 102.1 on BSE. Moving ahead in the week, Indian markets are likely to be steered by the upcoming GDP data for the third-quarter of the FY18 due later tomorrow.

“In continuation to our filing with Stock Exchanges on 14.02.2018, we have to inform that quantum of reported unauthorized transactions can increase by $204. 25 million (approximately), PNB said in an exchange filing on 26 February 2018. Earlier on 14 February, Punjab National Bank had said that the bank has detected “unauthorised and fraudulent transactions” in the Brady House branch of Mumbai involving fake LOU between the bank and the diamond merchant Nirav Modi. The Billionaire Nirav Modi is accused of obtaining buyer’s credit from several Indian lenders on the basis of LOU (Letters of Undertaking) issued by PNB without following proper protocols.

Shares of Bharti Airtel, Yes Bank, Reliance Industries, TCS, ONGC, Hero MotoCorp emerged as the major gainers among the Sensex constituents rising 1-2% while, on the other hand, shares of Kotak Mahindra Bank, ICICI Bank, Axis Bank, SBI, Adani Ports, HDFC and Infosys slumped up to 1.1%. Shares of Gitanjali Gems got locked in the lower circuit for the ninth straight day cracking as much as 5% on Tuesday taking the 12-day plunge to 64%. The stock of Gitanjali Gems fell 4.87% to a fresh all-time low of Rs 22.45 on BSE. The benchmark Sensex rose 165.04 points to hit the day’s high of 34,610.79 and wider share indicator Nifty surged 49.05 points to mark the day’s peak at 10,631.65.

US stock markets inched up to over three-week highs on Monday, recovering much of the losses sustained in a sell-off earlier this month, as a decline in Treasury yields assuaged investor concerns about rising interest rates and refocused attention on economic growth with all three major indexes rising more than 1%, Reuters said in a report. The Dow Jones Industrial Average rose 399.28 points or 1.58% to 25,709.27, the S&P 500 gained 32.3 points or 1.18% to 2,779.6 and the Nasdaq Composite added 84.07 points or 1.15% to 7,421.46.

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