Selling aggravates, Nifty erases all its weekly gains
The PNB fraud case which came to light during the week not only dragged the bank nifty but also dampened the sentiment across the street.
Meanwhile, the country’s exports increased by 9% in January, while trade deficit touched a three-year high of USD16.3 bn due to an increase in crude oil imports.
Banking stocks were in action as the Reserve Bank of India announced rules around bank loan defaults and abolishing a number of existing loan-restructuring mechanisms to create a “harmonised and simplified generic framework” to resolve NPAs.
Retail CPI inflation slowed down a little to 5.07% in January, compared to 5.2% in December.
On the other hand, India’s factory output expanded at 7.1% in December, slower than the 25-month-high growth of 8.8% in November
For the week, Nifty and Sensex ended almost unchanged.