Market ends on positive note led by metal, power, PSU banks
Stock market ended on a positive note on Thursday, extending the winning run for the third consecutive session.
Stock market ended on a positive note on Thursday, extending the winning run for the third consecutive session.
Sensex and the Nifty 50 ended with mild losses due to profit booking following a steep rise of almost 2% in the previous session.
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
The Nifty-50 reached the milestone of 20k last month.
The Union finance minister credited ‘Twin Balance Sheet Advantage’ to various reform measures adopted by the government.
Punjab National Bank which will be merged with the Oriental Bank of Commerce and United Bank of India, fell over 7 per cent, the most among the state-run banks constituting the PSU Bank Nifty index.
The meeting earlier to be held by Prime Minister Narendra Modi is now scheduled to be chaired by Finance Minister Nirmala Sitharaman.
Mallya, who is facing extradition to India from the UK, said while the PSU banks bailed out Jet Airways they allowed his Kingfisher Airlines to “fail ruthlessly”.
The provision coverage ratio (PCR) of the banks for bad loans have also risen to 70 per cent from 46 per cent after the asset quality review (AQR) last year.
Some of these banks have come under pressure because of interest paid to their bondholders of Additional Tier 1 (AT-1) bonds, sources said.
