Sensex falls 162 pts as PSU banks rebound
Markets dropped for the second day on Wednesday as inflation worry resurfaced following comment of the new US Federal Reserve chairman Jerome Powell.The 30-share Sensex tanked 162.35 points, or 0.47%, to close at 34184.04, while the broader Nifty fell 61.45 points, or 0.58% to close at 10492.85.
Banking stocks led by private banks took a hit after the finance ministry set a 15-day deadline for banks to take pre-emptive action on operational and technical risks, However, after days of losing streak, PSU banks ended positive with the Nifty PSU Bank index closing 0.71% higher. The fraud-hi Punjab National Bank bounced back, gaining 3%.On the broader market, though the BSE Mid cap index dropped 0.23%, the smallcap index rose 0.21%.
The Business Standard, New Delhi, 01st March 2018