Published: Thu, February 15, 2018
Business | By Max Garcia

Sensex soars almost 300 points, Nifty over 10600 as WPI inflation eases

Sensex soars almost 300 points, Nifty over 10600 as WPI inflation eases

Mumbai: Benchmark Sensex succumbed to fag-end profit-booking to end 144 points lower Wednesday after banking stocks tumbled on RBI's new norms for recognising stressed assets.

The stock of Punjab National Bank took a pasting on Wednesday following the bank's disclosure that fraudulent and unauthorised transactions aggregating about $1.8 billion was detected in one of its branches in Mumbai.

Around 1.20 p.m., the wider Nifty50 of the National Stock Exchange edged higher by 71.45 points or 0.68 per cent at 10,572.35 points.

The benchmark BSE index opened higher at 34,436.98 on positive domestic and global cues and advanced to hit a high of 34,473.43.

The S&P BSE Sensex ended at 34,297, up 141 points, while the broader Nifty50 closed at 10,546, up 45.65 points.

Sun Pharmaceutical Industries was marginally lower after its quarterly profit slumped 75 percent.

Economic data: Retail inflation slightly eased to 5.07 percent in January from a 17-month high in December but remained above the central bank's medium-term target of 4 percent. At 9.29 a.m, the Sensex was trading up 126.85 points or 0.37% at 34,282.80 with 22 components gaining.

Among sectoral indices, Nifty PSU Bank index, Nifty realty and Nifty media fall.

Major gainers were ICICI Bank 2.67 per cent, Infy 2.04 per cent, Yes Bank 1.73 per cent, Adani Ports 1.55 per cent and HDFC 1.35 per cent.

DIIs bought shares worth Rs 1,342.70 crore on net basis, while foreign portfolio investors (FPIs) sold shares worth Rs 814.11 crore on net basis on Monday, provisional data showed.

South Indian Bank (down 0.18 per cent) was the only stock in the Nifty Private Bank index that was slightly down around that time.

Tata Power rose about 1 percent on fund raising reports.

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