MUMBAI: The NSE benchmark Nifty closed lower today, dragged by banks after state-owned Punjab National Bank said it had detected a fraud of around $1.77 billion (around Rs 11,500 crore).
The market, which opened in green on the back of positive macroeconomic data as well as appreciating rupee, soon turned choppy.
The PSU Bank index lost 4.78 per cent, Nifty Bank 1.40 per cent and Private Bank 1.16 per cent after Punjab National Bank detected some fraudulent transactions worth $1.77 billion in one of its Mumbai branches.
RBI’s tougher norms on recognising stressed assets added to the selling pressure.
Most Asian stocks gained following firm cues from Wall Street, while European markets also rose in opening trade.
The NSE 50-share Nifty lost 38.85 points or 0.37 per cent to close at 10,500.90.
It shuttled between 10,590.55 and 10,456.65 during the session.
It saw an intra-day movement of about 133.90 points.
The market remained closed yesterday for ‘Mahashivratri’.
Major index losers were Yes Bank 4.49 per cent, SBI 4.35 per cent, Axis Bank 3.60 per cent, Bharti Infratel 3.21 per cent and ONGC 2.75 per cent.
Gainers were Tech Mahindra 3.58 per cent, Indiabulls Housing Finance 2.54 per cent, Bharti Airtel 2.45 per cent, Adani Ports 2.39 per cent and Coal India 2.10 per cent.
The market breadth, indicating its overall health, was in favour of losers. On the NSE, 848 stocks advanced, 959 declined and 49 remained unchanged.