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Sensex closes 429 points lower at 33,317, Nifty falls 109 points; banking stocks sink after SFIO summons ICICI, Axis Bank chiefs in Gitanjali Gems fraud case

While the Sensex closed 429 points or 1.27% lower at 33,317, the Nifty fell 109 points or 1.06% to 10,249 level. Banking stocks took the plunge with the BSE Bankex falling 401 points or 1.44% to 27,551 level.

twitter-logo BusinessToday.in        Last Updated: March 7, 2018  | 09:29 IST
Sensex closes 429 points lower at 33,317, Nifty falls 109 points; banking stocks sink after SFIO summons ICICI, Axis Bank chiefs in Gitanjali Gems fraud case

The Rs 12,600-crore PNB fraud continued to haunt the market with banking stocks taking a huge plunge during the last hour of trade after Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs summoned ICICI Bank CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in relation to probe in Mehul Choksi's Gitanjali Gems fraud.

While the Sensex closed 429 points or 1.27% lower at 33,317, the Nifty fell 109 points or 1.06% to 10,249 level. Banking stocks took the plunge with the BSE Bankex falling 401 points or 1.44% to 27,551 level. SBI (2.77%), ICICI Bank (2.64%), Bank of Baroda (2.45%) were the top losers on the index after the news of SFIO summoning the chiefs of two private lenders came in. Bank Nifty fell 370 points or 1.49% to 24,448 level. Other major sectoral losers were BSE auto (1.36%) and capital goods indices (1.31%).

Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund said, "Key indices in India opened the session on a strong footing on firm global cues. Global stocks gained as worries about a potential trade war waned in the aftermath of US President Donald Trump's tariff announcement on steel and aluminum. However, Indian bourses were unable to sustain gains as weakness persisted. Investors continued to trade with caution and sell on every rise. Despite earlier gains both the benchmark Sensex and the Nifty finally closed the day with losses of over 0.50%. Barring the media index, all other sectoral indices on the National Stock Exchange (NSE) traded in the red, with a majority of them losing over 1% for the day."

On the Sensex, Sun Pharma (2.95%), SBI (2.77%) and ICICI Bank (2.64%) were the top losers. Market breadth was negative with 649 stocks closing in the green against 2059 ending in the red. 147 stocks were unchanged.

Global stocks

Global stock markets surged Tuesday despite US-Chinese trade tensions after Wall Street posted its strongest gains in a week.

In early trading, Frankfurt's DAX rose 0.9 percent to 12,204.12 points and London's FTSE 100 gained 0.9 percent to 7,179.37. France's CAC 40 added 0.5 percent to 5,193.16. On Monday, the DAX advanced 1.5 percent, the FTSE 100 rose 0.7 percent and the CAC 40 added 0.6 percent. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor's 500 index rose 0.2 percent.

ASIA'S DAY: Tokyo's Nikkei 225 rose 1.8 percent to 21,417.76 and Hong Kong's Hang Seng advanced 2.1 percent to 30,510.73. The Shanghai Composite Index added 1 percent to 3,289.64 and Seoul's Kospi was up 1.5 percent at 2,411.41. Sydney's S&P-ASX 200 gained 1.1 percent to 5,962.40 and benchmarks in Taiwan, New Zealand and Singapore also rose. India's Sensex shed 0.2 percent to 33,684.56 while Jakarta and Manila also declined.

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