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Sensex under pressure, Nifty below 11350; HDFC Bank drops ~2%

Equity benchmark indices extended losses in the morning trade on Monday tracking weak global cues. Vedanta, Reliance and Tata Motors are among the major gainers on the indices, while Bajaj Finserv, Bajaj Finance, and Indiabulls Housing are the main losers.

The Sensex is down 253 points at 38,083, while the Nifty slipped 78 points to trade at 11,341 levels, below 11,350 levels.

The Volatility gauge, India VIX, was up 4.27% at 13.05.

Alembic Pharma stock is trading slightly lower on the BSE. The company has received approval from the USFDA for its Abbreviated New Drug Application (ANDA) Pregabalin Capsules, 25mg, 50mg, 75mg, 100mg, 150mg, 200mg, 225mg, and 300mg.

Shares of HDFC Bank fell over 1.5% in the opening trade after its GNPA for Q1FY20 came at 1.4%, up by 4bps qoq. NNPA for the quarter came at 0.43% against 0.39% qoq, which is up by 4bps. NII for Q1FY20 has improved by 22.9% yoy to Rs13,294.3cr against Rs10,813.6 in the corresponding quarter last year. The bank’s net profit was in line with consensus estimates, which has improved by 21% yoy to Rs5,586cr against Rs4,601.4cr yoy.

The most active stocks on the NSE are Reliance, IndiGo and HDFC Bank.

The Indian rupee slipped by 10 paise at 68.90 per dollar vs. Friday's close 68.80/$.

Meanwhile, the dollar held recent gains as investors tempered some of their expectations for deep US interest rate cuts this month and heightened Middle East tensions supported safe-haven assets.

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