Sensex Slips 200 Points; IndusInd Bank & HDFC Top Losers

Share markets in India are presently trading on a negative note, tracking weak global cues.

US stock indexes fell on Thursday as fears of another lockdown to contain a surge in coronavirus cases overshadowed data pointing to a declining trend in weekly jobless claims.

The Labor Department's most timely data on the economy showed 1.31 million Americans filed for state unemployment benefits in the latest week, down from 1.43 million in the previous week.

Sectoral indices are trading on a negative note with stocks in the finance sector and metal sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 213 points (down 0.6%), at 36,500 levels.

Meanwhile, the NSE Nifty is trading down by 64 points (down 0.6%).

The BSE Mid Cap index is trading down by 0.4%. The BSE Small Cap index is trading down by 0.3%.

The rupee is trading at 75.27 against the US$.

Speaking of the current stock market scenario, investors and traders who are new to stock markets have had a superb experience over the past three months as almost any and every stock has given them phenomenal returns.

The problem is that this experience may not be lasting unless investors now take a careful look at their portfolio and literally sanitize them to get rid of the unwanted elements.

In news from the banking sector, Punjab National Bank (PNB) is among the top buzzing stocks today.

Shares of PNB tumbled over 6% in early trade today, a day after the lender declared its Rs 36 billion exposure to Dewan Housing Finance (DHFL) as a fraudulent account.

In an exchange filing, the country's third-largest public sector bank said the fraud in the non-performing asset account of DHFL "at Large Corporate Branch" in Mumbai was reported to the Reserve Bank of India (RBI).

The bank added that it has already made provisions amounting to Rs 12.5 billion, as per prescribed prudential norms.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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