Indian stock markets are likely to open lower on Wednesday following the drop in the major indices of Wall Street with Dow Industrials tumbling as much as 171 points, the sentiments may also worsen today as the quantum of scam in PNB-Nirav Modi fraud had been escalated by further $145.2 million.
Indian stock markets are likely to open lower on Wednesday following the drop in the major indices of Wall Street with Dow Industrials tumbling as much as 171 points, the sentiments may also worsen today as the quantum of scam in PNB-Nirav Modi fraud had been escalated by further $145.2 million (Rs 942 crore) taking the total fraud amount near to Rs 13,600 crore. The early indicator of NSE Nifty, SGX Nifty Futures was trading down 0.39% at 10,388.5 on Singapore Exchange on Wednesday.
These shares will be in focus today
Punjab National Bank: Punjab National Bank informed that it had found an additional amount of Rs 942 crore that was sanctioned to Gitanjali Group under consortium lending. According to a Reuters report, Gitanjali group of companies controlled by Nirav Modi’s uncle Mehul Choksi allegedly defrauded PNB of Rs 70.8 billion ($1.09 billion).
Gitanjali Gems: NSE has levied penalties on as many as 24 companies including scam-hit Gitanjali Gems for failure to file financial results for the period October-December 2017.
IndusInd Bank & Bharat Financial Inclusion: IndusInd Bank had said the Reserve Bank of India has approved the merger of Bharat Financial Inclusion Ltd with the bank.
Yes Bank: Yes Bank said it owns over 17% stake in Fortis Healthcare post-invocation of the pledge of equity shares after default by promoters group companies.
HDFC Bank: HDFC Bank blocked its cards from being used to purchase/trade in such instruments on the back of regulatory discomfort on cryptocurrencies.
L&T: The National Highways Authority of India has awarded to L&T one of the five packages of Rs 7,500 crore Dwarka Expressway project in Haryana under the Bharatmala project.
NTPC: NTPC will raise $400 million through 10-year dollar-denominated bonds that carry 4.5% interest.
The Indian rupee on Tuesday: The rupee inched up 15 paise to close at 64.89 against the US dollar.
Indian stock markets on Tuesday
The domestic markets ended as shares of India’s largest IT company and the heavyweight firm on BSE Sensex plunged over 5% with Sensex shedding 61.16 points to close at 33,856.78 whereas the NSE Nifty settled flat at 10,426.85, up by 5.45 points as a slump in shares of TCS and ITC were offset by gains in HPCL, Axis Bank and GAIL.
US stock markets on Tuesday
Wall Street’s major indexes fell on Tuesday as the dismissal of U.S. Secretary of State Rex Tillerson and the possibility of additional U.S. import tariffs against China dragged down stocks across sectors, Reuters said in a report. The Dow Jones Industrial Average fell 171.58 points, or 0.68 percent, to 25,007.03, the S&P 500 lost 17.71 points, or 0.64 percent, to 2,765.31 and the Nasdaq Composite dropped 77.31 points, or 1.02 percent, to 7,511.01.