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Indices recover from day's low to end flat, PSU Bank stocks gain over 1.5%

SI Reporter/New Delhi 14 Mar 18 | 03:30 PM

Benchmark indices trimmed their morning losses to end largely flat on Wednesday following a positive wholesale price inflation data.

The S&P BSE Sensex ended the day at 33,836, down 21 points hwile the broader Nifty50 index settled at 10,411, down 16 points.

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Among banking indices, the Nifty PSU Bank index ended 1.75% higher on Wednesday. The index had hit an intra-day low of 2,846.

Shares of public sector undertaking (PSU) banks moved higher by 4% in noon deals, bouncing back upto 8% from their early morning lows on the National Stock Exchange (NSE).

Oriental Bank of Commerce (OBC), Union Bank of India, Syndicate Bank, Bank of Baroda (BOB) and Indian Bank were up more than 2% on the NSE. All these stocks have recovered by more than 5% from their respective intra-day lows.

RBI, on Tuesday, had barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India's biggest bank fraud.

In key economic data released Wednesday, India's annual wholesale price inflation eased to 2.48 per cent in February for the third straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices.


Asian shares eased on Wednesday amid fears of rising US protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, retreating from a 1-1/2 month high hit on Tuesday.

(with wire inputs)

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Company Price Gain (%)
Coal India270.450.54
M & M732.000.30
Asian Paints1,110.000.24


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