Profit-taking pulls Sensex down 144 points; Nifty closes at 10,501

The benchmark BSE Sensex ended lower by 144.52 points or 0.42 per cent at 34,155.95 and the NSE index Nifty closed down by 38.85 points or 0.37 per cent at 10,500.90 due to profit-booking by investors amid firm European cues.

Among BSE sectoral indices, PSU index fell the most by 1.8 per cent, followed by banking 1.62 per cent, healthcare 0.69 per cent and power 0.68 per cent. On the other hand, capital goods index was up 0.33 per cent, realty 0.19 per cent, infrastructure 0.12 per cent and metal 0.02 per cent. 

Banking stocks tumbled as RBI had on Monday unveiled tough rules for loan restructuring.

Top five Sensex gainers were Coal India, Bharti Airtel, Adani Ports, Reliance and Wipro, while the major losers were YES Bank, State Bank of India, Axis Bank, ONGC and Sun Pharma.

As per provisional data, foreign portfolio investors (FPIs) had sold shares worth Rs 814.11 crore on Monday, while domestic institutional investors bought shares worth Rs 1,342.70 crore. 

New debt resolution rules : The RBI’s revised framework on resolving stressed accounts has now rightly done away with the old restructuring schemes that still left the possibility open of large slippages into NPAs from these accounts. Click here to read more

The requirement of all lenders agreeing to the resolution plan could prove challenging

Benchmark indices were trading flat as investors remained cautious ahead of WPI data to be released later today. The Sensex was up 26.05 points or 0.08 per cent at 34,326.52 and the Nifty up 7.55 points or 0.07 per cent at 10,547.30.

State-run PSU lenders were hit as the Reserve Bank of India had late on Monday tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half-a-dozen existing loan-restructuring mechanisms.

Asian markets turned mixed as investor nerves were strained ahead of a US inflation report that could soothe, or inflame, fears of faster rate hikes globally.

Nifty futures: Traders should desist from taking fresh positions as long as the contract trades in this sideways range. Fresh long positions can be initiated with a fixed stop-loss on a strong rally above 10,575 levels. Click here to read more

Inability to sustain higher and extend the upmove reflects lack of strong follow-through buying in the market.

PNB shares tank 8%: Shares of Punjab National Bank slumped 8 per cent as the bank has reported a financial fraud of over Rs 11,000 crore at one of its Mumbai branches. More on this

PNB stock opened at Rs 160 on the BSE and soon fell as much as 7.82 per cent to hit the day’s low of Rs 149.

Idea board okays QIP issue: Idea Cellular board has accorded final approval for issuing equity shares for up to Rs 3,500 crore through Qualified Institutional Placement  route. Read more

Alembic Pharma: In the medium-to-long term, the growth prospects of the company look robust, given its strong US product pipeline, improved product mix in the domestic segment and commitment towards developing a long-term product pipeline through proactive investments in research and business. Click here to read more

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IndusInd Bank: IndusInd Bank, that has been consistently delivering 25-30 earnings growth in the last several quarters, despite challenges within the sector, is a good bet for investors over the long run. Click here to read more

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SEBI whole time member: J Ranganayakulu, a former Executive Director and head of legal affairs at SEBI, is a frontrunner for the post of Whole Time Member with the market regulator. Read more

The Sensex and Nifty were trading marginally lower as investors turned cautious ahead of WPI data to be released later today. The 30-share BSE index Sensex was down 38.93 points or 0.11 per cent at 34,261.54 and the 50-share NSE index Nifty down 4.3 points or 0.04 pe cent at 10,535.45.

Among BSE sectoral indices, PSU index fell the most by 1.1 per cent, followed by banking 0.83 per cent, power 0.58 per cent and healthcare 0.08 per cent. On the other hand, realty index was up 1.33 per cent, consumer durables 0.82 per cent, metal 0.78 per cent and capital goods 0.72 per cent.

Top BSE gainers, losers

Click here to read the full table

NSE gainers, losers

Click here to view the full table

As per provisional data, foreign portfolio investors (FPIs) had sold shares worth Rs 814.11 crore on a net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,342.70 crore on Monday.

NSEL-FTIL merger: 63 moons technologies (formerly FTIL) has filed a special leave petition in the Supreme Court challenging the Bombay High Court verdict upholding an MCA order directing the merger of scam-hit NSEL with FTIL. Click here to read more

Ricoh accounting fraud: SEBI has banned seven people, including Ricoh India MD and Chief Executive AT Rajan, from the securities market for falsifying the company’s accounts. More on this

FIIs turn net sellers: Foreign institutional investors, who were net buyers in the Indian equity markets to the tune of $7.77 billion in 2017 and a further $2.06 billion in January 2018, have turned net sellers in February so far (till February 12) for around $0.81 billion. Click here to read more

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Bank stocks fall: Nifty PSU bank index fell as much as 2.3 per cent, and State Bank of India was down 1.8 per cent as RBI has come out with a revised framework for expeditious resolution of bad loans. Click here to read more

Nifty PSU bank index fell as much as 2.3 per cent, and State Bank of India was down 1.8 per cent.

Bonds rally: Indian bonds rallied as oil prices eased further, US Treasuries rose and domestic inflation data came in lower than expected. More on this

The 10-year benchmark bond yield was down to 7.47 per cent from its Monday’s close of 7.50 per cent.

Gold hits 1-week high: Spot gold was up 0.3 per cent at $1,332 an ounce, as of 0115 GMT, after touching its highest level since February 6 at $1,333.76. US gold futures rose 0.4 per cent at $1,335 per ounce. Read more

Spot gold was up 0.3 per cent at $1,332 an ounce, as of 0115 GMT, after touching its highest level since February 6 at $1,333.76. US gold futures rose 0.4 per cent at $1,335 per ounce

Fraudulent deals at PNB : Punjab National Bank has detected some "fraudulent and unauthorised” transactions worth about $1.77 billion at one of its branches in Mumbai. Click here to read more

PNB shares were trading 4.1 per cent lower by 0420 GMT, having fallen as much as 5.7 per cent in early trading.

Rupee strengthens to 64.13: The rupee strengthened by 24 paise to 64.08 on dollar selling by exporters and the greenback's weakness against other currencies overseas. More on this

The Sensex turned flat after hitting intraday high of 34,473 due to fresh selling in PSU, bank and power stocks amid mixed Asian cues.

At 10.40 am, the 30-share BSE index Sensex was up 30.47 points or 0.09 per cent at 34,330.94 and the 50-share NSE index Nifty was up 12.95 points or 0.12 per cent at 10,552.70. The NSE index hit intraday high of 10,585.75.

Among BSE sectoral indices, realty index gained the most by 1.53 per cent, followed by consumer durables 1.13 per cent, capital goods 0.88 per cent and IT 0.85 per cent. On the other hand, PSU index fell 0.87 per cent, banking 0.66 per cent and power 0.37 per cent.

Top five Sensex gainers were Bharti Airtel, Adani Ports, Wipro, Coal India and Reliance, while the major losers were PowerGrid, State Bank of India, Axis Bank, Sun Pharma and Asian Paints.

Day Trading Guide: Supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading are given. Click here to read the full text 

Today's stock pick : Investors with a short-term perspective can buy the stock of Autolite (India) at current levels. Click here to read more

Crude oil : WTI crude futures were at $59.17 a barrel at 0123 GMT, down 2 cents from their last settlement. Brent crude futures were at $62.77 per barrel, up 5 cents from their last close. Read more

Healthy economic growth also supports oil markets. File Photo

Dollar hits 15-month low: The US currency slid to a 15-month low against the yen, as investors remained on edge ahead of key US inflation numbers later in the day. Click here to read more

The dollar's fall against the yen comes against the currency's broader weakening against a number of peers. File Photo

Nikkei hits 4-month low : Japan's Nikkei share average failed to maintain early gains, and hit a four-month low as investor sentiment remained shaky ahead of US inflation data due later in the day. More on this

At the midday break, the Nikkei was at 21,109.29. File Photo

Asian markets: Asian share markets turned mixed as investor nerves were strained ahead of a US inflation report that could soothe, or inflame, fears of faster rate hikes globally. Click here to read more

Other Asian markets were steadier, as were E-Minis for the S&P 500. File Photo

Buyback offer: The buyback offers of SJVN and Aarti Drugs will open today and close on February 28. More on this

Tata Steel rights issue : The company's ₹12,800-crore rights issue will open today for subscription and close on February 28.  Read more

No change in MF inflows post LTCG regime : The mutual funds industry has not seen any reduction in inflows after the proposal to impose long-term capital gains tax and dividend distribution tax. Read more

The S&P BSE Sensex jumped 136.51 points or 0.4 per cent to 34,436.98 and the Nifty50 gained 46 points or 0.44 per cent to 10,585.75.

US stocks: Wall Street climbed on Tuesday for a third straight session, buoyed by Amazon.com and Apple, while investors focused on inflation data on Wednesday that could upset the market’s fragile recovery - or clear the way for additional gains. More on this

Investors said data on US consumer prices and retail sales due out on Wednesday will be key to where stocks move in the short term.

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