Market Live: Sensex falls over 100 points, Nifty slips below 10400, banking stocks decline

BSE Sensex trades lower by over 100 points, while the Nifty 50 trades below 10,400. Here are the latest updates from the markets

  • Mumbai: Benchmark indices fell for a second straight day on Wednesday as banking stocks declined after the Reserve Bank of India (RBI) banned letters of undertaking (LoUs) for seeking overseas loans. The RBI on Tuesday barred banks from issuing LoUs, instruments used by Nirav Modi and Mehul Choksi to perpetrate the over $2 billion PNB fraud. The Indian rupee was trading little changed against the US dollar in opening trade. Here are the latest update from the markets:
  • 10.35 am ISTPNB shares fall 3%Punjab National Bank shares fell 3.06% to Rs95 after the bank has told police it has uncovered additional exposure of about Rs942 crore ($145.2 million) in connection with a huge alleged fraud.

  • 10.33 am ISTCoal India shares down after Citi downgradeCoal India Ltd shares fell 1.4% to Rs290.65 after brokerage firm Citi downgraded the stock to Neutral from Buy and lowered its target price to Rs320 a share from Rs365 earlier.

  • 10.05 am ISTBanking stocks trade lowerBanking stocks fell. Punjab National Bank was down 3.7%, Canara Bank 3%, IDBI Bank 2.8%, Allahabad Bank 2.7%, Bank of India 2%, Union Bank of India 2%, Oriental Bank of Commerce 1.9%, Indian Bank 1.8%, Bank of Baroda 1.8%, Syndicate Bank 1.7% and State Bank of India fell 1.4%.

  • 10.00 am ISTFortis Healthcare shares gain 5%Fortis Healthcare Ltd shares rose 5% to Rs160 after The Economic Timesreported that Malaysia’s IHH Healthcare is set to launch a voluntary open offer to buy non-promoter shares of Fortis Healthcare in the next few days.

  • 09.55 am ISTRCom shares decline nearly 3%Reliance Communications Ltd fell 2.8% to Rs22.75 after the National Company Law Tribunal (NCLT) continued with its stay on the sale of Reliance Infratel’s assets to a third party till further orders.

  • 9.53 am ISTBank of India hits pay dirt on recoveries, helps lift sentiment for public sector peersThough the good news on Bank of India’s bad loan recoveries lifted sentiment, it does not materially change the fortunes of public sector banks.
  • 9.50 am ISTRupee weakens against US dollarThe rupee on Wednesday weakened due to heavy demand for the US currency from importers amid foreign fund outflows. At 9.30am, the rupee was at 65.04 a dollar, down 0.22% from its previous close of 64.90. The home currency opened at 64.88 a dollar and touched a low of 65.05. Importers rushed to buy dollars after the Reserve Bank of India (RBI) on late Tuesday barred banks from issuing letters of undertaking (LoUs) and letters of comfort with immediate effect.

  • 9.43 pm ISTMarket updateBSE Sensex traded lower by 141.69 points, or 0.42%, to 33,715.09, while the Nifty 50 fell 38.65 points, or 0.37%, to 10,388.20.

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