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Geo-political tensions subdue Indian equities

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BSE

Mumbai, April 7

Global geo-political tensions, outflow of foreign funds and heavy selling pressure in banking, healthcare and metal stocks pulled the Indian equity markets lower on Friday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) closed well below its important resistance mark of 9,200 points. It fell by 63.65 points or 0.69 per cent to 9,198.30 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,850.71 points, closed at 29,706.61 points — down 220.73 points or 0.74 per cent from the previous close at 29,927.34 points.

The Sensex touched a high of 29,886.12 points and a low of 29,668.45 points during the intra-day trade.

The BSE market breadth was bearish — with 1,640 declines and 1,277 advances.

In terms of the broader markets, the S&P BSE mid-cap index fell by 0.30 per cent, while the small-cap index slipped by 0.47 per cent.

Anand James, Chief Market Strategist, Geojit Financial Services, said: “Risk-appetite took a hit after geo-political tensions pulled global equities down. Soaring oil prices and continuing strength in rupee also distorted the usual sectoral diversification themes.”

“But investors will have lot to look forward to as Q4 results start trickling in soon, and as NPA (non-performing assets) resolution measures are also expected shortly.”

On the currency front, the Indian rupee strengthened by 23 paise to 64.29 against a US dollar from its previous close of 64.52 to a greenback.

In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 262.37 crore, while the domestic institutional investors (DIIs) purchased scrip worth Rs 414.94 crore.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, profit booking in index heavyweights such as Reliance Industries and Infosys pressurised the benchmark indices at higher levels.

“Among the sectors, oil-gas sector stocks outperformed bearishness in the market while almost all sector stocks witnessed selling pressure from higher levels in the second half of the session,” Desai told IANS.

Sector-wise, the S&P BSE banking index plunged by 236.57 points, followed by the healthcare index, which dipped by 220.07 points, and the metal index, which fell by 149.19 points.

On the other hand, the oil and gas index rose by 67.04 points, and the capital goods index inched up by 16.76 points.

Major Sensex gainers on Friday were: Tata Consultancy Services (TCS), up 1.14 per cent at Rs 2,427.10; Bajaj Auto, up 1.01 per cent at Rs 2,829.40; Bharti Airtel, up 0.83 per cent at Rs 344.50; Hero MotoCorp, up 0.58 per cent at Rs 3,224; and NTPC, up 0.27 per cent at Rs 167.70.

Major Sensex losers were: Sun Pharma, down 3.04 per cent at Rs 665.65; Lupin, down 2.61 per cent at Rs 1,410.35; Adani Ports, down 2.37 per cent at Rs 347.55; Reliance Industries, down 2.28 per cent at Rs 1,405.55; and Dr. Reddy’s Lab, down 1.97 per cent at Rs 2,657.70.

(IANS)

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PNB claims expected recovery of Rs 1,800 cr from “Mission Gandhigiri”

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Punjab National Bank
Punjab National Bank (PNB). (File Photo: IANS)

New Delhi, April 20 (IANS) State-run lender Punjab National Bank is expected to recover around Rs 1,800 crore from its non-performing assets (NPAs) recovery mechanism — “Mission Gandhigiri” — which will soon complete one year of operation.

A senior bank official told IANS the mission, was launched in May 2017, had consistently delivered positive results with an average recovery of Rs 150 crore from the initiative.

“The mission was born out of the need to name and shame defaulters to increase societal pressure and urge them to pay back. Mission Gandhigiri has a dedicated recovery team across all circles of the bank,” the official, who did not want to be named, told IANS.

Accordingly, the passive recovery mechanism entails the team members to “visit the borrowers’ office or residence and sit their silently with placards that have hard-hitting messages such as ‘It is public money, please repay the loans’.”

On the legal side of the operation, following the government’s directions regarding wilful defaulters, the bank has declared 1,084 wilful defaulters.

“Due to PNB’s aggressive stance towards wilful defaulters, 150 passports have been impounded over the past few months,” the official said. Additionally, over the last 9 months, the bank has also lodged 37 FIRs against defaulters.

The bank is also leveraging data analytics for loan recovery and risk management.

“We have tied up with a leading credit agency and with the help of a third-party expert analytics, we will now be able to get access to contact information of PNB defaulters who have good credit record with other lenders,” the official said.

“This partnership is a part of the larger strategy to deploy technology to strengthen internal systems. This partnership will not only help the bank with loan recovery but will also help identify and automate profitable lending strategies and minimise credit and fraud risk,” the official said.

The bank has also recently started works towards “improving internal systems by incorporating analytics and Artificial Intelligence for reconciliation of accounts”.

In addition, two special OTS (One-Time Settlement) schemes have helped the bank to accelerate NPA recovery.

“From an average of recovering loan amount from 70,000-80,000 NPA accounts in a year, this move has resulted in recovery in 225,000 NPA accounts over a span of 10 months,” the official added.

“These schemes apply to small NPA accounts helping defaulters come out of debt.”

IANS

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Key Indian equity indices open flat

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Mumbai, April 20: The key Indian equity indices opened on a flat note on Friday.

At 9.17 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,558.15 points, down 7.15 points or 0.07 per cent from the previous close at 10,565.30 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,434.14 points, traded at 34,414.73 points (9.17 a.m.) — down 12.56 points or 0.04 per cent — from its previous close at 34,427.29 points on Thursday.

The BSE market breadth so far was bearish with 710 declines and 507 advances.

IANS

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Key equity markets rise on Asian cues, supportive metal, IT stocks

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Mumbai, April 19:  The key Indian equity markets traded in the positive territory on Thursday afternoon tracking strong cues from the Asian markets.

Heavy buying in the metal, IT and capital goods stocks also helped the market sentiment to remain positive.

So far, the S&P BSE metal index surged around 558.59 points, followed by the IT stocks which edged up by 125.58 points and capital goods stocks, by 120.60 points.

At 1.20 p.m., the wider Nifty50 on the National Stock Exchange (NSE) traded higher by 33.40 points or 0.32 per cent at 10,559.60 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,403.67 points, traded at 34,412.41 points (1.20 p.m.) — up 80.73 points or 0.24 per cent from its previous session’s close.

The Sensex has so far touched a high of 34,478.82 points and a low of 34,358.91 during the intra-day trade.

The BSE market breadth was bullish with 1,265 advances and 1,082 declines.

“Markets gained in early morning trade as global Asian indices traded in green, following the US markets which closed with one per cent up-move,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On Wednesday, profit booking, along with heavy selling pressure in the banking sector stock, led the key Indian equity indices to break their nine-day gaining streak and end in red.

The Nifty50 fell by 22.50 points or 0.21 per cent to close at 10,526.20 points on Wednesday, and the Sensex closed at 34,331.68 points — down 63.38 points or 0.18 per cent.

On Thursday, the major gainers on the BSE were Tata Steel, Yes Bank, Bharti Airtel, Tata Consultancy Services and ONGC while Axis Bank, HDFC, Sun Pharma, Coal India and ICICI Bank were among the top losers.

On NSE, the top gainers were Hindalco, Vedanta and Tata Steel and major losers were BPCL, Hindustan Petroleum and Indian Oil Corp.

IANS

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