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  1. Sensex, Nifty end in red as blue-chip shares plunge, PSU banks rise up to 14%; OMCs tumble

Sensex, Nifty end in red as blue-chip shares plunge, PSU banks rise up to 14%; OMCs tumble

Indian stock markets settled in the negative territory for the second consecutive session on Wednesday with the key equity indices Sensex and Nifty ending marginally lower in red as shares of blue-chip companies such as HDFC, ITC plunged while shares of PSU banks rose up to 14%.

By: | Updated: March 14, 2018 4:00 PM
The S&P BSE Sensex lost 21.04 points or 0.06% to finish at 33,835.74 after falling 276.09 points to a day’s low of 33,580.69 on Wednesday. (Image: Reuters)

Indian stock markets settled in the negative territory for the second consecutive session on Wednesday with the key equity indices Sensex and Nifty ending marginally lower in red as shares of blue-chip companies such as HDFC, ITC plunged while shares of PSU banks rose up to 14%. In today’s trade, shares of OMCs (oil marketing companies) such as Indian Oil, Hindustan Petroleum Corporation and Bharat Petroleum Corporation tumbled up to 3.3% with IOC losing the most. The domestic equities saw a mixed-deals following which shares of mid-cap companies and components of media, PSU bank, IT and private banks closed in the green zone with PSU bankers gaining the highest.

The S&P BSE Sensex lost 21.04 points or 0.06% to finish at 33,835.74 after falling 276.09 points to a day’s low of 33,580.69 on Wednesday. Shares of Yes Bank, Maruti Suzuki, Axis Bank, State Bank of India, ICICI Bank emerged as the only notable gainers today rising up to 1.85% while shares of Hero MotoCorp, ONGC, Tata Steel, Bharti Airtel, Bajaj Auto, HDFC were the top laggards among the Sensex constituents shedding up to 2%. The wider shares indicator Nifty 50 dropped 15.95 points or 0.15% to conclude at 10,410.9 after sliding down 90.55 points to a day’s low of 10,336.3.

Shares of OMCs such as Indian Oil (down 3.25%), HPCL (down 2.02%), BPCL (down 0.83%) ended lower today. The stocks of PSU banks saw a relief rally for the second consecutive day with shares rising up to 14%. Shares of PSU bankers such as IDBI Bank, Andhra Bank, Oriental Bank of Commerce, Union Bank of India, Syndicate Bank and Allahabad Bank surged 4-14% while stocks of Indian Bank, Canara Bank, Bank of Baroda, PNB, SBI, Bank of India rose 0.8-4%. The stock of scam-hit PNB added nearly 2% to end at Rs 99.9 after inching down to a day’s low of Rs 93.3 after the New Delhi-based state-run lender said that an additional Rs 942 crore has been added to the fraud kitty.

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