Markets@Moneycontrol: Sensex closes off day's high; Nifty holds on to 10500

Markets@Moneycontrol: Sensex closes off day's high; Nifty holds on to 10500

Markets@Moneycontrol: Sensex closes off day's high; Nifty holds on to 10500

Mumbai- Massive sell-off in banking sector stocks pulled the key Indian equity indices - S&P BSE Sensex and NSE Nifty50 - lower on Wednesday. The management tried to assuage investor concerns a day after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million) at one of its branches in Mumbai.

The Nikkei average dropped 90.51 points or 0.43 per cent to 21,154.17, the lowest closing level since October 12, 2018. It finally ended 144.52 points or 0.42 per cent down at 34,155.95.

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

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While the Sensex was trading 139 points higher at 34,295 level, the Nifty was up 42 points to 10,542. Separately, industrial output grew 7.1 percent in December compared with 6.2 percent forecast in a Reuters poll. The benchmark indices Sensex and Nifty had opened 0.50 per cent higher on positive global cues.

However, Coal India, RIL, Wipro, Bharti Airtel, Adani Ports, Tata Motors, L&T, HDFC Ltd, HUL and IndusInd Bank ended higher, rising up to 2.47 per cent.

Foreign portfolio investors (FPIs) sold shares worth Rs 728.71 crore on the net basis, while domestic institutional investors (DIIs) too sold equities to the tune of Rs 152.39 crore on Wednesday, provisional data showed.

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In the banking space, Yes Bank slipped 4.40 per cent, SBI 4.06 per cent, Axis Bank 3.35 per cent, ICICI Bank 2.29 per cent and Bank of Baroda 1.75 per cent.

On the contrary, Indiabulls Housing Finance, Asian Paints and Aurobindo Pharma were among the top losers in the Nifty pack of stocks.

Australian stocks climbed 0.9 percent and South Korea's KOSPI added 1.1 percent.

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