The BenchMark index of The Bombay Stock Exchange (BSE) fell by 739.80 points or 2.17 percent inthe week under Review to settle at 33,307.14 on weak global cues coupled with lingering concerns over the health of Indian banking sector, in the aftermath of a massive fraud unearthed at Punjab National Bank’s (PNB) branch last month.
Sentiment was also hit after a private survey data showed deterioration in India’s services sector last month.Global stock markets declined amid concerns of a potential global trade war following US President Donald Trump’s recent announcement of tariffs on steel and aluminum.
Adding to global jitters, reports suggested that the Serious Fraud Investigation Office (SFIO) summoned top executives of ICICI Bank and Axis Bank in over Rs 12000-crore PNB fraud case as investigative agencies expanded their probe into the alleged bank fraud by companies linked to Nirav Modi and his uncle Mehul Choksi. The Nifty also fell 231.50 points or 2.21 percent to settle at 10,226.85.
The BSE Mid-Cap index fell 474 points or 2.88 percent to settle at 15,987.27. BSE Small-Cap index fell 779.02 points or 4.31 percent to settle at 17,305.92. Both these indices underperformed the Sensex.
Trading for the week started on a negative note. Key benchmark indices registered modest losses on Monday, March 5, 2018, as investors’ sentiment was hit after a private survey data showed deterioration in India’s services sector last month. US President Donald Trump’s announcement on tariffs on steel and aluminum also weighed on the sentiment on fears of a trade war. The Sensex had fallen 300.16 points to settle at 33,746.78.
The stock market registered sharp losses on Tuesday, March6, 2018, on worries over the health of the Indian banking sector in the aftermath of a massive financial fraud at Punjab National Bank (PNB). Sensex fell by 429.58 points to settle at 33,317.20.
Selling pressure continued on the domestic bourses on Wednesday, 7 March 7, 2018, on weak global cues coupled with lingering concerns over the health of Indian banking sector, in the aftermath of a massive fraud unearthed at PNB branch last month. The Sensex declined by 284.11 points to settle at 33,033.09.
Key benchmark indices registered modest gains on bargain hunting on Thursday,March 8,2018, after a sell-off in the last six sessions.The Sensex had surged 318.48 points to settle at 33,351.57.
Key benchmark indices closed the session with small losses on Friday, March 9, 2018. The barometer index, BSE Sensex, fell by 44.43 points to settle at 33,307.14.
Tata Steel was the biggest loser in the Sensex pack last week. The stock slumped 10.32 percent to Rs 605.60. Tata Steel emerged as the highest bidder to buy a controlling stake in Bhushan Steel. Auto major Tata Motors fell 7.86 pc to Rs 341.70.,Hero MotoCorp rose 0.08 percent to Rs 3,582.25.