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Saturday, May 26, 2018

Indian share markets ended the day on a strong note. At the closing bell, the BSE Sensex finished higher by 262 points. While, the NSE Nifty finished up by 91 points. Meanwhile, the S&P BSE Midcap Index ended down by 0.1% while S&P BSE Small Cap Index ended up by 0.1%.
Barring consumer durables stocks, all sectoral indices ended the day in green with energy stocks and metal stocksleading the gainers.
Overseas, Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.1%, while the Hang Seng led the Shanghai Composite lower. They fell 0.5% and 0.4% respectively. European markets are higher today with shares in Germany leading the region. The DAX is up 1% while France's CAC 40 is up 0.6% and London's FTSE 100 is up 0.2%.
In the news from the banking sector, IDBI Bank was in focus today as the state-run lender reported its results for quarter ended March 2018.
The bank reported a loss of Rs 56.6 billion during the quarter against a loss of Rs 32 bn posted in the corresponding quarter last year.Net interest income during the quarter slipped 44% to Rs 9.2 bn against Rs 16 bn in the same quarter last year.
Note that most of the public-sector banks reported losses in their fourth quarter results on the back of higher provisions for non-performing assets (NPAs) and bad loans.PSB's are in the spotlight for their growing bad loan problems and the painful issue of willful defaulters.
Banks, in principle, must be careful about not extending loans to borrowers with poor creditworthiness or payment track record. That too, irrespective of the size of the borrower.
Benchmark indices extended rally in the afternoon trade led by HDFC Bank, Infosys, Kotak Mahindra Bank and ONGC. Auto, technology, select metals and banking and financial stocks continued to support the market while SBI, which dragging the PSU Bank index, declined over 0.13%.

At 2:38 PM, the BSE Sensex at 34,963 was up by 300 points, while NSE Nifty at 10,622 was higher by 108 points.Both BSE Midcap and the BSE Smallcap were higher by 0.73% and 1.37%, respectively.                                              
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