Sensex soars almost 300 points, Nifty over 10600 as WPI inflation eases


Punjab National Bank (PNB) plunged 9.81 per cent after the state-owned lender said it has detected fraudulent transactions worth Dollars 1.77 billion (about Rs 11,335 crore).

The Reserve Bank of India abolished half a dozen existing loan-restructuring mechanisms and instead provided for a strict 180-day timeline for banks to agree on a resolution plan in case of a default or else refer the account for bankruptcy.

Mumbai: The BSE benchmark Sensex surged over 167 points, staging a strong recovery in early trade today on firm cues from global markets.

PNB stock ended 10.39 per cent or 16.80 points down at Rs 144.80.

The 30-share index was trading higher by 167.12 points, or 0.48 per cent, at 34,323.07.

Sun Pharmaceutical Industries was marginally lower after its quarterly profit slumped 75 percent.

Foreign portfolio investors (FPIs) sold shares worth Rs 728.71 crore on the net basis, while domestic institutional investors (DIIs) too sold equities to the tune of Rs 152.39 crore on Wednesday, provisional data showed.

Economic data: Retail inflation slightly eased to 5.07 percent in January from a 17-month high in December but remained above the central bank's medium-term target of 4 percent.

Headline consumer price inflation is expected to slow to 1.9 percent a year, with core inflation at 1.7 percent, Reuters reported.

On the contrary, Indiabulls Housing Finance, Asian Paints and Aurobindo Pharma were among the top losers in the Nifty pack of stocks.

However, Coal India, RIL, Wipro, Bharti Airtel, Adani Ports, Tata Motors, L&T, HDFC Ltd, HUL and IndusInd Bank ended higher, rising up to 2.47 per cent.

Among other Asian markets, Hong Kong's Hang Seng was up 0.73 percent and Singapore edged up 0.05 percent, while Japan's Nikkei fell 0.64 percent and China's Shanghai Composite index slipped 0.32 per cent.