Sensex loses almost 150 points as bank stocks led by PNB falter

NEW DELHI: The equity markets traded choppy on Wednesday as benchmark indices erased early gains and finished with losses of about half a per cent.

30-share BSE Sensex lost 144.52 points to close on 34,155.95 and the broader 50-share NSE Nifty stayed just above the 10,500-mark, losing 39 points.

The volatility in the markets was on the back of state-run bank stocks performing poorly. The PNB stock tanked 10 per cent after the country’s second largest lender said that it detected a Rs 11,500 crore fraud in one of its Mumbai branches. The overall Nifty PSU bank sub-index lost almost 5 per cent during the day.

Read all you need to know about PNB fraud here

Pharma and private bank stocks also bled considerably.

Tech Mahindra, IndiaBulls Housing and Coal India gained the most while almost all bank stocks slipped.

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