Sensex live update: Indian indices were trading lower today dragged by losses in banking, metal and heavyweight RIL. Financials and pharma stocks were also in the red, weighing on the sentiment. However, Nifty IT and Nifty FMCG were trading higher, capping some gains.
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Indian indices opened flat on Tuesday tracking mixed cues in global peers as gains in IT, FMCG and auto sectors were capped by losses in heavyweight banks, financials and RIL. At 9:18 am, the Sensex was up 6 points at 52,335 while the Nifty rose 8 points to 15,760.
Broader markets, however, outperformed indices with midcap and smallcap indices up arould 0.3 percent each. On the Nifty50 index, NTP, HCL Tech, Infosys, Bajaj Finance, and Tech Mahindra rose the most while SBI Life, Shree Cement, Tata Steel, Hindalco and JSW Steel led the losses.
Banks have identified 22 non-performing assets to be transferred to the National Asset Reconstruction Company Ltd (NARCL) in the first phase, the Chairman of Indian Banks Association (IBA) and CEO of Union Bank of India Rajkiran Rai said on Monday. Over a period of time, the National ARC is expected to house bad loans of about Rs 2 lakh crore, Rai said during Union Bank of India’s earnings concall on June 7.
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According to banking executives in the know, these 22 accounts identified for transfer have over Rs 82,000 crore outstanding. The IBA Chairman, however, said the amount may be close to Rs 89,000 crore during the call.
The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to “Frauds Classification and Reporting”. A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank. In a statement, the RBI said the statutory Inspection for Supervisory Evaluation (lSE) of Bank of India was conducted with reference to its financial position as on March 31, 2019.