Volatile Week: PNB fraud drags Bank Nifty 1%; SBI, PNB lose marketcap the most

Nifty and Sensex ended on flat note in the week ended February 16. It has been a volatile truncated week as the benchmark indices have been dancing to the tune of global equity indices. However, the Nifty is stuck in a narrow trading range between 10400 to 10600 levels for the past seven days.

The highlight of the week is the Punjab National Bank (PNB) fraud case and because of this the Bank Nifty index remained under pressure during the week, which also dampened the sentiment across the street.

On February 14, Punjab National Bank (PNB) disclosed that it has detected some fraudulent transactions with financial implication of about Rs 11,346 crore and the matter has been referred to law enforcement agencies for the recovery.

Gitanjali Gems saw severe selling pressure after the company came under scanner of various investigating agencies following Punjab National Bank’sfraud detection. Its market valuation went down by Rs 300 crore in the last three trading sessions.

The index consolidated throughout this week, a pattern which is likely to continue in the coming week as well unless it breaks above 10600.

“Going forward, it is crucial that Nifty manages to break either of the 10400 or 10600 levels before we could see any specific direction being established, said Hadrien Mendonca, Senior Technical Analyst at IIFL.

During the week, Nifty50 was down 2 points closed at 10,452.3 and Sensex was down 5 points ended at 34,010.76.

The foreign investors sold equities worth Rs 2,849.10 crore. However, domestic institutions bought Rs 2,368.01 crore worth of equities in last week.

READ ---  After Microsoft Passed, Maybe Amazon Will Buy Slack -- The Motley Fool

India’s volatility index (India VIX) slipped nearly 15 percent last week while S&P BSE Midcap index was down 0.20 percent, S&P BSE Smallcap index was down 0.76 percent and S&P BSE largecap index was down 0.19 percent.



midcap losers


smallcap gainers


smallcap losers

BSE Bankex index underperformed the other sectorial indices with nearly 2 percent decline during the week.


State Bank of India lost most of its market value on the Sensex, followed by TCS, ITC and Axis Bank.

marketcap losers


market cap gainers

253 stocks has touched the 52-week high including Adani Enterprises, Ashok Leyland, Bharat Forge, HCL Infosystems, Mastek, L&T Infotech, while 183 stocks touched 52-week low including Corporation Bank, DB Corp, Dena Bank, Gitanjali Gems, Force Motors in the week ended February 16, 2018.