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Banking stocks depress key equity indices (Roundup)
Mumbai, Feb 14 (IANS) A massive sell-off in banking sector stocks pulled the key Indian equity indices — S&P BSE Sensex and NSE Nifty50 — lower on Wednesday.
According to market observers, heavy selling pressure was witnessed in banking, healthcare and automobile stocks.
On Wednesday, the barometer 30-scrip Sensitive Index (Sensex) of the BSE receded by 144.52 points or 0.42 per cent to 34,155.95 points from Monday’s close. The equity markets were closed on Tuesday.
Similarly, the wider Nifty50 of the National Stock Exchange declined by 38.85 points or 0.37 per cent to 10,500.90 points.
In terms of the broader markets, the S&P BSE mid-cap index inched up by 0.17 per cent and the small-cap index by 0.16 per cent.
The intra-day trade saw the barometer Sensex touch a high of 34,473.43 points on the back of positive cues from global markets and a low of 34,028.68 points which was led by a massive sell-off in the banking sector stocks.
The BSE market breadth was bullish as 1,368 stocks advanced as against 1,470
declines.
“Markets corrected on Wednesday thereby resuming the intermediate downtrend,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Selling accelerated in the afternoon session led by a drop in PSU banking stocks on the back of news that Punjab National Bank (PNB) had detected a $ 1,771.69 million fraud at a single branch in Mumbai.”
“Major Asian markets have closed on a positive note, barring the Nikkei and Straits indices. European indices like FTSE 100, DAX and CAC 40 are trading in the green.”
The massive-sell off in the banking sector stocks was triggered after the Reserve Bank of India’s (RBI) announced new norms to deal with the NPAs on Monday.
“The PSU banks witnessed sell-off as RBI scrapped a number of loan-restructuring schemes which may lead to further jump in provisions impacting profitability of these banks,” said Vinod Nair, Head of Research, Geojit Financial Services.
Besides RBI’s latest moves, the massive $1.8 billion fraud detected at one of the Mumbai branches of PNB, the second largest public sector bank in India also spooked investors.
“PNB fell 9.8 per cent as investors wondered about the impact of the fraud on the
profits or book value of the bank even as they await data about the
possibility and extent of recovery that is possible,” Jasani told IANS.
“If no recovery is possible, the impact could be Rs.42-46 per share out of which the stock price has already fallen — Rs 16 today.”
On a closing basis, the scrip of PNB closed at Rs 145.80, down by Rs 15.85 or 9.81 per cent from its previous close of Rs 161.65.
Apart from PNB, stocks of other lenders like Yes Bank, State Bank of India, Axis Bank and ICICI Bank were also impacted.
On the currency front, the Indian rupee strengthened by 22 paise to close at
64.09 against the US dollar from its previous close at 64.31.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 728.71 crore while domestic institutional investors off-loaded stocks worth Rs 152.39 crore.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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