Mumbai: Stocks: Markets spirited attempt reclaim its stature after two weeks of slump were frustrated by Punjab National Bank (PNB) fraud shocker as both the BSE Sensex and Nifty managed to close the week flat at 34,010.76, up 5 points, and 10,452.30 marginally down 2.65 points respectively.
The truncated trading week saw the market resuming on robust note on incessant value buying amid firm global cues and comforting sentiment over the stabilizing economic datas of strong IIP growth and ease in both CPI, WPI inflation. Later sessions saw volatility creeping back to the trading momentum following detection of key corporate fraud affecting the Banking counters, also loomed by RBI's new norms for recognising stressed assets.
The detection of massive Rs 11,400 crore fraud in India's second largest state-owned lender Punjab National Bank (PNB) played on investors minds.
Intense selling pressure spread across most of the sectors, the PSU banks tumbled nearly 3 per cent, while the broader Midcap and Smallcap massive correction from its all-time highs. The Sensex started the week higher at 34,203.34 and hovered between 34,535.08 and 33,957.33, it closed the week at 34,010.76, showing a marginal gain of 5.00 or 0.01 per cent.
(The Sensex lost 2,044.68 points or 5.76 per cent during past two week sessions). The Nifty also resumed the week up at 10,518.20 and and traded between 10,618.10 and 10,434.05 before ending the week at 10,452.30, showing a marginal loss of 2.65 points, or 0.03 per cent. Barring Oil&Gas and Metal the selling was led by PSUs, Banks, Consumer Durables, Auto, Teck, HealthCare, IPOs, Realty, Capital Goods, IT and Power sectors.
The broader midcap and smallcap company shares also corrected substantially.