Mumbai Feb 27 (IANS) An expected rise in the estimated quantum of fraud at Punjab National Bank pulled the key indices of the Indian equity market lower on Tuesday.
According to market observers the key indices had made gains on the back of positive global cues. However further disclosure from PNB subdued investors sentiments.
Subsequently heavy selling pressure was witnessed in banking metals and healthcare stocks.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 34 346.39 points -- down 99.36 points or 0.29 per cent from its previous close of 34 445.75 points.
Similarly the wider Nifty50 of the National Stock Exchange (NSE) edged lower during the trade session. It dipped by 28.30 points or 0.27 per cent to close at 10 554.30 points.
In the intra-day the S&P BSE Sensex touched a high of 34 610.79 points and a low of 34 314.87 points.
"Benchmark index opened higher following global cues but gave up all gains after PNB revealed that the amount of fraudulent transactions could be Rs 1 300 crore more than the current estimate of about Rs 11 400 crore " Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS.
Deepak Jasani Head - Retail Research HDFC Securities told IANS that markets took a breather on Tuesday after two sessions of gains.
"The weakness came on the back of weak Asian equity markets and disclosure of more amounts of fraud by PNB " Jasani told IANS.
"Sectorally top gainers were FMCG and IT indices. Top losers were PSU banks realty bank Nifty and media indices."
On the currency front the Indian rupee weakened by eight paise to close at 64.87-88 against the US dollar from its previous close at 64.79-80.
In terms of investments provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 906.86 crore while domestic institutional investors purchased stocks worth Rs 1 046.67 crore.
Sector-wise S&P BSE banking index receded by 414.17 points metals index by 122.47 points and healthcare index by 77.81 points.
However consumer durables index rose by 46.27 points and IT index by 32.01 points.
Major Sensex gainers on Tuesday were: Bharti Airtel up 2.07 per cent at Rs 431.05; Dr Reddy s Labs up 1.82 per cent at Rs 2 234.15; NTPC up 1.53 per cent at Rs 165.50; Hero MotoCorp up 1.34 per cent at Rs 3 587.95; and Reliance Industries up 1.21 per cent at Rs 949.95.
The Sensex losers were: Axis Bank down 2.68 per cent at Rs 537.50; State Bank of India down 2.53 per cent at Rs 267.80; ICICI Bank down 2.25 per cent at Rs 319.65; Sun Pharma down 2.02 per cent at Rs 544.90; and ONGC down 1.23 per cent at Rs 188.40.
On Monday -- the previous trade session -- both the key indices closed at a new three weeks high levels as positive global cues and forecast of a healthy GDP growth lifted investors sentiments.
The Nifty50 had edged higher by 41.90 points or 0.40 per cent to close at 10 532.95 points while the Sensex closed at 34 269.24 points -- up 127.09 points or 0.37 per cent.
--IANS
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