Read more about Sensex tumbles over 550 pts; Asian shares mixed on Business Standard. The benchmark indices further extended losses and hit fresh intraday low in mid-morning trade. The Nifty was trading below the 14,850 mark. Rising treasury yields and the possibility of another lockdown in Maharashtra weighed on the investors
Read more about Nifty ends below 14,700; metal stocks outperform on Business Standard. Domestic shares plunged on Monday with the Nifty falling below the 14,700 mark. Rising COVID-19 cases and negative global cues triggering spoiled sentiment. The selling was broad based, however, metal shares bucked trend on firm copper prices.
Karnataka Bank fell 2.23% to Rs 67.85 after the bank reported to Reserve Bank of India (RBI) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks with an outstanding balance of Rs 34.16 crore.
IL&FS Transportation Networks availed credit facilities from Karnataka Bank during 2016 under multiple banking arrangement wherein, Karnataka Bank was one of the member banks and during 2018, the borrowing account was classified as Non-Performing Asset (NPA) and has been fully provided for. There shall be no impact on the financials of the bank ahead, it added. The announcement was made post trading hours on Friday, 19 February 2021.
Domestic shares plunged on Monday with the Nifty falling below the 14,700 mark. Rising COVID-19 cases and negative global cues spoiled sentiment. Barring the Nifty Metal index, all the sectoral indices on the NSE ended in the red. Metal shares were in demand on firm copper prices.
The barometer index, the S&P BSE Sensex, slumped 1,145.44 points or 2.25% to 49,744.32. The Nifty 50 index lost 306.05 points or 2.04% to 14,675.70.
TCS (down 3.69%), Reliance Industries (down 3.52%), HDFC (down 3.04%) and Infosys (down 2.06%) were major drags.
In the derivatives market, the NSE s Volatility Index (VIX), a gauge of market s expectation of volatility over the near term, surged 14.47% to 25.47.
Nifty, Sensex under pressure due to rising bond yields – Monday closing report
Moneylife Digital Team
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We had mentioned in previous week’s closing report that Nifty, Sensex may try to bounce back. On Monday, the indices suffered a major correction. On the NSE, there were 561 advances, 1,388 declines and 86 unchanged.
The trends of the major indices in the course of Monday’s trading are given in the table below:
Jet Airways may fly again by July-August 2021 according to Murari Lal Jalan of Jalan-Kalrock consortium said.
Karnataka Bank reported a fraud to the RBI of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks.