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Sensex slips over 150 points; PNB, ICICI Bank, SBI stocks drop

Benchmark indices trimmed initial gains of the morning trade and traded on a negative zone after heavy pressure was seen in PSU Bank, auto, realty, financial services and FMCG stocks.

At 11:56 AM, the BSE Sensex was trading at 34,145, down 152 points, while the Nifty50 was ruling at 10,502, down 43 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 0.93% and 0.95%, respectively.

Shares of Punjab National Bank and Union Bank of India fell owing to concerns regarding the ~Rs11,600cr fraud, and the Nifty PSU Bank extended its losing streak to the fifth consecutive session.

Shares of Gitanjali Gems breached lower circuit, and dropped 20% over its alleged involvement the PNB scam.

Prakash Industries stock rose 2% after the company said that its board of directors has approved issue of 1cr convertible equity warrants at Rs208 each, convertible into equity shares, aggregating to Rs208cr on preferential basis to promoter and promoter group.

Volatility index India VIX gained 2.11% at 16.6600.

Ambuja (+1.9%), Kotak Mahindra Bank (+1.7%), TCS (+1.4%), Dr.Reddy’s (+1.3%) and HCL Tech (+1.1%) were the top gainers on Nifty50.

Yes Bank (-2.8%), Eicher (-2%), ICICI Bank (-1.7%), Maruti (-1.5%) and Infratel (-1.4%) were the top losers in today’s trade.

A total of 15 stocks registered a fresh 52-week high in trade today, while 24 stocks touched a new 52-week low on the NSE.