Benchmark indices slipped further in mid-morning trade, dragged by weakness in banks stocks. At 11:23 IST, the barometer index, the S&P BSE Sensex, fell 181.50 points or 0.49% at 36,556.19. The Nifty 50 index lost 54 points or 0.5% at 10,759.45. In the broader market, the S&P BSE Mid-Cap index shed 0.41% while the S&P BSE Small-Cap index declined 0.35%. The market breadth was weak. On the BSE, 827 shares rose and 1494 shares fell. A total of 121 shares were unchanged. Buzzing Index: The Nifty Bank index fell 1.31% to 22,607.80. The index rose 1.43% on Thursday. Among the private banks, City Union Bank (down 3.44%), RBL Bank (down 3.29%), Yes Bank (down 2.81%), IndusInd Bank (down 2.46%), Bandhan Bank (down 2.07%), Axis Bank (down 2.04%), ICICI Bank (down 1.66%), HDFC Bank (down 1.46%), Federal Bank (down 0.54%) and Kotak Mahindra Bank (down 0.05%) declined. Among the PSU banks, IDBI Bank (down 4.93%), Canara Bank (down 3.36%), Bank of Maharashtra (down 2.74%), Union Bank of India (down 2.45%), Bank of Baroda (down 2.27%), UCO Bank (down 1.63%), Indian Bank (down 1.61%), Andhra Bank (down 1.42%), Central Bank of India (down 1.13%), Bank of India (down 0.9%) and State Bank of India (down 0.85%) edged lower. Punjab National Bank fell 5.66% to Rs 35. The public sector lender declared its Rs 3,688.58 crore exposure to mortgage financier Dewan Housing Finance (DHFL) as fraud. NB said it has made provisions amounting to Rs 1246.58 crore, as per prescribed prudential norms. Separately, PNB's board has approved the proposal to raise of funds upto Rs Rs 10,000 crore via a combination of debt and equity. Global Markets: Asian shares fell across the board on Friday as rising coronavirus cases in the US suppressed hopes of a quicker economic recovery from the pandemic, while investors looked forward to earnings season. Shares in China declined after the state media reportedly discouraged retail investors from chasing the market higher while worries about Sino-U.S. tensions re-surfaced. US stocks settled lower on Thursday, 9 July 2020, as investors continued to back away from risk assets after fresh data showed that initial unemployment claims in the US remain elevated, and the number of confirmed new Covid-19 cases in the US hit a new single-day high Wednesday. Stock investors took safe heaven stance amid concerns about coronavirus infections in the country after more than 60,000 new Covid-19 cases were reported on Wednesday, the biggest increase ever reported by a country in a single day. Florida reported a record increase in hospitalizations. With Covid-19 cases on the rise in 42 states across the United States, investors fear that re-imposition of lockdown measures will significantly weaken recovery chances. Sentiments were also dampened after a report on weekly jobless claims showed that US first-time claims for unemployment benefits tumbled to 1.314 million in the week ended July 4th, a decrease of 99,000 from the previous week's revised level of 1,413 million, according to a report released by the Labor Department on Thursday. Powered by Capital Market - Live News |