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Key benchmark indices settled with modest losses after a sudden late sell-off in bank stocks after Punjab National Bank (PNB) said it detected a $1771.69-million fraud at a single branch in Mumbai. The Nifty 50 index slipped 38.85 points or 0.37% to settle at 10,500.90.

Indices opened higher on firm Asian stocks. The market soon pared gains and swung between the gains and losses near the flat line in morning trade. Indices traded with small gains in mid-morning trade but soon trimmed gains and hovered near the flat line till afternoon trade. Stocks regained strength and traded with small gains in mid-afternoon trade as European stocks gained. The market witnessed a sudden sell-off in late trade.

Bank of India lost 7.87% after the bank reported net loss of Rs 2341.20 crore in Q3 December 2017, as compared with net profit of Rs 101.72 crore in Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018.

Tata Power Company advanced 0.23%. The company’s consolidated net profit fell 7.18% to Rs 648.87 crore on 4.86% rise in total income to Rs 7041 crore in Q3 December 2017 over Q3 December 2016. The results were announced during market hours today, 14 February 2018.

The all-India general inflation based on consumer price index (CPI) eased to 5.07% in January 2018 compared with 5.21% in December 2017. The corresponding provisional inflation rate for rural area was 5.21% and urban area 4.93% in January 2018 as against 5.27% and 5.09% in December 2017.

It will be a shortened week for greater China markets, with mainland China markets closing from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Other regional markets, including South Korea, Taiwan and Singapore, will also finish the week early due to the holiday.

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