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Sensex, Nifty open in red as financials drag

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Key Indian equity indices opened lower on Wednesday on weak global cues concerned over the partial shutdown of the US government and a slowdown in global growth.

All sectors, except oil and gas, traded in red. Heavy selling pressure was seen in finance and banking stocks.
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The Sensex of the BSE opened at 35,443.16 from its previous close of 35,470.15 on Monday.

At 9.20 a.m., the Sensex traded 139.22 points or 0.38 per cent lower at 36,486.30.

The Nifty50 of the National Stock Exchange (NSE) opened at 10,930.55 after closing at 10,908.70 on the previous trading day. It traded at 10,599.95 during the morning session, down 63.55 points or 0.60 per cent.

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CBI raids at 169 places across nation in bank fraud cases worth 7000 crore

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New Delhi: The CBI is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs 7,000 crore, officials said on Tuesday.

The searches are going on in Delhi, Gurgaon, Chandigarh, Ludhiana, Dehradun, Noida, Baramati, Mumbai, Thane, Silvassa, Kalyan, Amritsar, Faridabad, Bengaluru, Tirupur, Chennai, Madurai, Quilon, Cochin, Bhavnagar, Surat, Ahmedabad, Kanpur, Ghaziabad, Bhopal, Varanasi, Chandauli, Bhatinda, Gurdaspur, Morena, Kolkata, Patna, Krishna and Hyderabad, they said. The agency refused to give further details as the search operations are still going on, they said.

Among the alleged frauds being probed by the agency are SEL Manufacturing in Bank of Maharashtra worth Rs 113.55 crore, Advance Surfactants in SBI worth Rs 118.49 crore, Eskay Knit worth Rs 42.16 crore in Dena Bank (now Bank of Baroda), Krishna Knitwear Technology worth over Rs 27 crore in Canara Bank, they said.

The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, and Punjab and Sind Bank, they said.

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