Indian benchmark indices end negative for fourth consecutive session, RBI penalizes Axis Bank and Indian Overseas Bank
Mumbai, Mar 5 (IBNS): Indian benchmark indices dipped on Monday, extending their losses over four consecutive sessions, with BSE Sensex down 300.16 points to close at 33,746.78 and NSE Nifty down 99.50 points at 10,358.90.
As expected, the metal trade reflected some impact following the announcement made by US President, Donald Trump, regarding tariff over steel and aluminium import, media reported.
The Indian market was also dented by the sell-off by foreign investors in February -- foreign institutional investors pulled out nearly Rs 12,500 crore from the equity markets during the month, reported moneycontrol.
Even BJP's win in the north east failed to boost market sentiments, according to media reports.
On Monday, key gainers included Tech Mahindra, Sun Pharma, TCS, SBI, Kotak Mahindra, M&M and UPL while Tata Motors, Tata Motors (D), Hindalco, Aurobindo Pharma, Tata Steel, Bajaj Auto, Reliance and Ambuja Cements were among the key stocks that declined.
The Reserve Bank of India, in two separate releases on Monday, announced that it has imposed, on February 27, 2018, a monetary penalty of rupees 30 million on Axis Bank Limited and a monetary penalty of rupees 20 million on Indian Overseas Bank for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms.
This penalty has been imposed taking into account the failure of the bank to adhere to the guidelines issued by RBI, the release said.
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