Equity indices surge on global cues; banks, IT stocks gain

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Mumbai: Benchmark Sensex succumbed to fag-end profit-booking to end 144 points lower Wednesday after banking stocks tumbled on RBI's new norms for recognising stressed assets.

In addition, public sector bank Punjab National Bank (PNB), on Wednesday, said it has detected some fraudulent transactions worth United States dollars 1.171 billion (about Rs 11,334.4 crore) and the matter has been referred to law enforcement agencies for recovery.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 34,207.57 points, closed at 34,297.47 points - up 141.52 points or 0.41 per cent from its previous close.

Shares of GAIL rose over 1% as investors shrugged off marginally lower-than-expected Oct-Dec net profit on 1-for-3 bonus share issue.

The benchmark BSE index slipped 0.06 percent to 34,282.76.

Calculated on the basis of Wholesale Price Index (WPI), the inflation was 3.58 per cent in December 2017 and 4.26 per cent in January 2017. However, the broad market witnessed some volatility due to under-performance in financials. The Nifty PSU Bank fell over 1%, led by fall in shares of Punjab National Bank after it declared that it has observed fraudulent transactions worth $1.77 bn at one of its branches.

Tata Power rose about 1 percent on fund raising reports.

Major gainers were ICICI Bank 2.67 per cent, Infy 2.04 per cent, Yes Bank 1.73 per cent, Adani Ports 1.55 per cent and HDFC 1.35 per cent.

On the contrary, Indiabulls Housing Finance, Asian Paints and Aurobindo Pharma were among the top losers in the Nifty pack of stocks.

South Indian Bank (down 0.18 per cent) was the only stock in the Nifty Private Bank index that was slightly down around that time.