Monday, September 23, 2013

Sensex recovers after a weak start; SBI, PNG, BoB under pressure

NEW DELHI: The Sensex managed to rally over 100 points in mid-morning trade on Tuesday after making a weak start.

At 10:20 a.m.; the 50-share index was at 5,923.85, up 33 point or 0.57 per cent. It touched a high of 5,938.40 and a low of 5,854.55 in early trade today.

The S&P BSE Sensex was trading at 19,987.32, up 86 points or 0.4 per cent. It touched a high of 20,050.42 and a low of 19,782.78 in trade today.

State bank of India slipped over 3 per cent in trade to touch its intraday low of Rs 1601, after the Moody\'s Investors Service downgraded the senior unsecured debt and local currency deposit ratings of State Bank of India (SBI) to Baa3 from Baa2.

PNB, BoB and Indian Bank were trading in a range of 2.5-4% after rating agency Fitch downgraded their viability rating of from \'bbb-\' to \'bb+\', citing deteriorating asset quality and higher provisioning for stressed assets portfolios.

Among the sectoral indices, the BSE Banking Index was down 1.3 per cent, followed by the S&P BSE PSU Index which dropped 0.84 per cent, the S&P BSE Metal Index slipped 0.4 per cent and the S&P BSE Power Index was trading 0.30 per cent lower.

Asian share markets were trading mixed taking cues from a softer Wall Street. Returning from holiday, Tokyo\'s Nikkei also dipped in very light volumes.
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