India’s benchmark equity indices declined nearly one per cent on Friday even as global peers rallied as widening of the current account deficit, the $2-billion fraud at Punjab National Bank (PNB) and index provider MSCI’s warning weighed on investor sentiment.The Sensex fell 0.8 per cent to 34,010, while the Nifty50 index fell 0.9 per cent to 10,452.3, its lowest close since January 3. The losses came despite global markets gaining by more than a per cent as the yield on the 10-year US Treasury softened below 2.9 per cent.Most global markets posted their biggest weekly advance in nearly a year but Indian equities ended the week unchanged.Mirroring global cues, the Indian markets, too, started with gains, with the Sensex gaining as much as 211 points to 34,297. However, the index succumbed to selling pressure amid a spate of bad news.
Foreign institutional investors (FIIs) sold shares worth Rs 11 billion on Friday, taking their eight-day selling tally past Rs 10,000 crore.The worst performer among the Sensex components were State Bank of India (SBI) which fell 2.6 per cent, followed by YES Bank and ICICI Bank which declined 2.5 per cent and 2.3 per cent respectively.
Shares of PNB dropped another 2.1 per cent, extending its loss since Wednesday to 22 per cent. Gitanjali Gems sank 20 per cent for a second consecutive session.
Shares of PNB dropped another 2.1 per cent, extending its loss since Wednesday to 22 per cent. Gitanjali Gems sank 20 per cent for a second consecutive session.
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