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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.

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Stock Market Updates

Sensex Ends 226 Points Higher; Capital Goods and Banking Stocks Witness Buying (Today's Market)

Jan 24, 2020 Closing

While the BSE Sensex closed higher by 226 points, the NSE Nifty closed higher by 67 points.

Top 5 Mid-Cap Gainers Today; AU SMALL FINANCE BANK Leads the Pack (Today's Market)

Jan 24, 2020 03:48 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.

PRESTIGE ESTATES Plunges by 5%; BSE REALTY Index Up 0.3% (Today's Market)

Jan 24, 2020 03:32 PM

PRESTIGE ESTATES share price has plunged by 5% and its current market price is Rs 405. The BSE REALTY is up by 0.3%. The top gainers in the BSE REALTY Index are GODREJ PROPERTIES (up 3.4%) and OBEROI REALTY (up 2.1%). The top losers is PRESTIGE ESTATES (down 5.3%).

INFO EDGE Surges by 6%; BSE IT Index Down 0.1% (Today's Market)

Jan 24, 2020 03:02 PM

INFO EDGE share price has surged by 6% and its current market price is Rs 2,745. The BSE IT is down by 0.1%. The top gainers in the BSE IT Index is INFO EDGE (up 6.0%). The top losers are CYIENT (down 0.1%) and FIRSTSOURCE SOL. (down 0.1%).

CUMMINS INDIA Surges by 6%; BSE CAPITAL GOODS Index Up 1.7% (Today's Market)

Jan 24, 2020 02:42 PM

CUMMINS INDIA share price has surged by 6% and its current market price is Rs 606. The BSE CAPITAL GOODS is up by 1.7%. The top gainers in the BSE CAPITAL GOODS Index is CUMMINS INDIA (up 5.9%). The top losers are V GUARD INDUSTRIES (down 0.3%) and SKF INDIA (down 0.3%).

AU SMALL FINANCE BANK Surges by 12%; BSE BANKEX Index Up 1.0% (Today's Market)

Jan 24, 2020 02:38 PM

AU SMALL FINANCE BANK share price has surged by 12% and its current market price is Rs 1,098. The BSE BANKEX is up by 1.0%. The top gainers in the BSE BANKEX Index is AU SMALL FINANCE BANK (up 11.9%). The top losers are CITY UNION BANK and INDUSIND BANK (down 0.2%).

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