Sensex witnesses 134.95 point surge, Nifty at 10,586.90

Mumbai (Maharashtra): After facing immense pressure for the third consecutive day, the shares of Punjab National Bank (PNB) continued to trigger the markets.

The Bombay Stock Exchange (BSE) Sensex after a high in the morning trade, traded at 34,432.42, up 134.95 points, while the Nifty was ruling at 10,586.90, up 41.40 points.

Soon after the scam was reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Prime Minister Narendra Modi and promised to take action against all wrongdoers.

As the Enforcement Directorate (ED) conducted multiple searches seizing diamonds, jewellery and gold worth Rs. 5,100 crore and sealing six properties, the finance ministry said recovery would be made and nobody would be spared.

In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.17 percent and 0.43 percent, respectively.

Shares of Punjab National Bank (PNB) and Union Bank of India fell owing to concerns regarding Rs. 11300 crore fraud and the Nifty Public Sector Banks (PSU) Bank extended its losing streak to the fifth consecutive session.

All sectoral indices traded in green, with L&T, Marico, Bata India, Manappuram Finance, and Oil India recording gains.