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Sensex ends around 34,300 mark; Nifty near 10,550; PNB crashes 13%

SI Reporter/New Delhi 15 Feb 18 | 03:30 PM

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The benchmark indices ended higher on Thursday, taking cues from its key Asian counterparts. The S&P BSE Sensex had hit a high of 34,585 in intra-day deals, but trimmed gains as trade progressed during the day.

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Among individual stocks, Punjab National Bank (PNB) countinued its journey south on Thursday with the stock slipping nearly 8%. The management tried to assauge investor concerns a day after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million) at one of its branches in Mumbai. 

Punjab National Bank MD & CEO Sunil Mehta on Thursday made it clear that the bank will not spare anyone, senior or junior, who was involved in the fraud, saying the second-largest bank will honour all their bona fide commitments. He also said that the scam was detected by bank officials for the first time on January 25 and they had reported about it to the concerned agencies.

GLOBAL MARKETS

In global markets, Asian stocks gained on Thursday after Wall Street brushed aside strong US inflation data and surged, a counterintuitive move that also saw the dollar pinned at two-week lows even as Treasury yields jumped in anticipation of a quicker pace of US interest rate hikes.

Japanese stocks were higher despite fresh gains for the yen, which had sent the Nikkei Stock Average to four-month lows on both Tuesday and Wednesday. The index was up 1.6% after having fallen in 12 of the prior 15 sessions. Financials were among the big gainers as US Treasury yields hit fresh multiyear highs Wednesday. That included Dai-ichi Life, which jumped 3.7% to erase the week’s decline.



(with wire inputs)

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Sensex

Company Price Gain (%)
Yes Bank392.953.76
St Bk of India302.003.18
Vedanta215.003.09
Hind. Unilever1,780.802.63
Tata Motors257.352.47

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