Sensex rises over 200 points, Nifty near 10600

Sensex rises over 200 points, Nifty near 10600

The management tried to assuage 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.

The 30-share BSE Sensex rallied 379 points intraday, before ending up 141.52 points at 34,297.47. The stock lost 22 percent and more than Rs 8,000 crore in market capitalisation in two consecutive sessions after clarification from the management. The Chinese markets are closed for the Lunar New Year holiday.

The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.

Oil demand: Oil consumption in India rose 10.3 percent in January, its fourth straight monthly gain, powered by the improvement in road freight transport coupled with growing use of cars and scooters.

Major gainers were Adani ports, HDFC, ICICI Bank, SBI, Dr Reddy's, Tata Motors, Yes Bank, Reliance Industries and Maruti Suzuki, rising up to 2.17 per cent.

Gitanjali Gems plunged almost 19 per cent on reports over its involvement in the PNB fraud case.

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In most of the recent months, the broader indices had outperformed the gains of the benchmark and even in months when the Sensex fell sharply, these indices managed to restrict their fall.

MT Educare rose 2 percent after Zee Learn made an open offer to acquire 1.86 crore equity shares in company.

Allahabad Bank dropped 2.4 percent as it posted Q3 net loss of Rs 1,264 crore.

On the global front, European stocks were higher, as investors took stronger-than-anticipated USA inflation data in their stride and monitored corporate earnings.

Disclosure: Reliance Industries Ltd.is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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