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Indian Indices Continue Slump, PSBs Under Pressure, and Top Stocks in Action
Thu, 8 Mar Pre-Open | Karan Janani, TM Team

On Wednesday, share markets in India opened flat but ended the day in red.

The BSE Sensex closed lower by 284 points to end the day just above the 33,000 mark. While the broader NSE Nifty ended the day lower by 95 points to end at 10,150 levels.

Among BSE sectoral indices, infrastructure stocks fell the most by 2%, followed by capital goods stocks at 1.9%. SBI and Adani Ports and ICICI Bank were among the top losers.

Top Stocks in Action Today

Tata Motors share price is likely to be in focus today after company-owned Jaguar Land Rover (JLR) reported 2.6% decline in global sales at 39,911 units in February.

ICICI Bank share price and Axis Bank share price are among the stocks to watch today, as the bank's senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the PNB scam.

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PSB Loan Write-off Continues

Finance Minister Arun Jaitley has stated that public sector banks (PSBs) have written-off loans worth Rs 816.8 billion in the financial year 2016-17, including Rs 203.4 billion by the State Bank of India.

Reportedly, the amount written off by nationalized banks was Rs 287.8 billion during the current fiscal (up to September 2017). Besides, it was noted that writing-off of loans is done for tax benefit as well as capital optimization. However, borrowers of such loans continued to be liable for repayment.

As per the Reserve Bank of India (RBI) guidelines and policy approved by bank Boards, non-performing loans, including those in respect of which full provisioning has been made on completion of four years, are removed from the balance-sheet of the bank concerned by way of write-off.

The minister further stated that recovery of dues takes place on ongoing basis under legal mechanisms, which include, the Secularisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, Debts Recovery Tribunals and Lok Adalats. Therefore, write-off does not benefit borrowers, the reports noted.

Besides, in the five-financial years since 1 April 2013, banks have reported 13,643 cases of fraud involving a total amount of Rs 527.2 billion.

While the bad loans struggle has been going on since a decade, there are other issues that have recently cropped up adding to PSUs pile of misery. Bureaucracy and a lack of autonomy have ensured the sub-optimal profitability and asset quality of these state-run banks.

This has reflected in their stock performance too. The returns of PSBs over the last five years have underperformed at the Sensex.

Global Financial Markets Slump as Trump's Key Economic Advisor Quits

Globla financial markets were on edge after US President Donald Trump's Economic Advisor, Gary Cohn announced his resignation.

Market participants believed that the former president of Goldman Sachs, was a moderating voice in Trump administration, helping to temper more aggressive views on economic policy and especially trade.

Global markets also reacted negatively to the resignation. European stocks dropped in early trading, with many key indexes down by about 0.5%. Losses exceeded 1% in some Asian markets.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Stock Market Updates

Top 5 Mid-Cap Gainers Today; SAIL Leads the Pack (Today's Market)

Mar 18, 2019 03:44 PM

Here's a list of 5 stocks that gained the most in the BSE Mid-Cap Index today. It also includes information on BSE Mid-Cap index and the broader benchmark indices.

J&K BANK Surges by 5%; BSE BANKEX Index Up 1.1% (Today's Market)

Mar 18, 2019 03:32 PM

J&K BANK share price has surged by 5% and its current market price is Rs 49. The BSE BANKEX is up by 1.1%. The top gainers in the BSE BANKEX Index is J&K BANK (up 5.0%). The top losers is FEDERAL BANK (down 0.1%).

VODAFONE IDEA Plunges by 5%; BSE 500 Index Up 0.2% (Today's Market)

Mar 18, 2019 03:24 PM

VODAFONE IDEA share price has plunged by 5% and its current market price is Rs 34. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are PRESTIGE ESTATES (up 16.2%) and BOMBAY DYEING (up 9.1%). The top losers are VODAFONE IDEA (down 5.0%) and IFB INDUSTRIES LTD (down 5.2%).

TTK PRESTIGE Plunges by 5%; BSE CONSUMER DURABLES Index Up 0.1% (Today's Market)

Mar 18, 2019 03:06 PM

TTK PRESTIGE share price has plunged by 5% and its current market price is Rs 8,598. The BSE CONSUMER DURABLES is up by 0.1%. The top gainers in the BSE CONSUMER DURABLES Index are SYMPHONY (up 1.2%) and VOLTAS (up 1.1%). The top losers is TTK PRESTIGE (down 5.2%)..

IFB INDUSTRIES LTD Plunges by 5%; BSE CONSUMER DURABLES Index Up 0.1% (Today's Market)

Mar 18, 2019 01:36 PM

IFB INDUSTRIES LTD share price has plunged by 5% and its current market price is Rs 980. The BSE CONSUMER DURABLES is up by 0.1%. The top gainers in the BSE CONSUMER DURABLES Index are VIP INDUSTRIES (up 1.3%) and SYMPHONY (up 1.2%). The top losers is IFB INDUSTRIES LTD (down 5.1%)..

Indian Indices Erase Gains; Auto Stocks Under Pressure (Today's Market)

Mar 18, 2019 12:30 pm

The BSE Sensex is trading up by 15 points, while the NSE Nifty is trading up by 12 points.

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