Moneycontrol
May 06, 2013 11:38 AM IST | Source: Moneycontrol.com

Sensex flat; Bank Nifty recovers after Cobrapost expose

BSE benchmark Sensex was trading little changed on Monday in the absence of major events this week. Brent futures and gold have recouped most of their losses and were trading at two-week highs, causing concern for the market. India is a net importer of crude and gold.


Moneycontrol Bureau


BSE benchmark Sensex was trading little changed on Monday in the absence of major events this week. Brent futures and gold have recouped most of their losses and were trading at two-week highs, causing concern for the market. India is a net importer of crude and gold.


Asian shares surged across the board after a strong US employment report for April calmed fears of slowdown in US.


The Sensex was up 58 points at 19633 and the Nifty was up 12 points at 5955. About 940 shares advanced, 632 shares declined, and 94 shares were unchanged.


Bank Nifty recovered over 100 points from its intraday low after Cobrapost press conference begun on Monday.


In its continuing expose on the involvement of leading financial institutions in money laundering, media website Cobrapost Monday said that 23 major banks and insurance companies were part of the racket. In a sting operation in March this year, Cobrapost had showed how private banks like HDFC Bank, ICICI Bank and Axis Bank were helping their customers convert black money into white.


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Key gainers in the Nifty were Hindalco, Reliance Infra, Tata Steel, Sesa Goa and NMDC, up between two to three percent.

Laggards included Jaiprakash Associates, HDFC Bank, Kotak Mahindra Bank, IDFC and IndusInd Bank.

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