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TRADE SET UP

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Receives LoA From Power Company Of Karnataka For 400 MW, 25-yr Power Supply Arrangement

On Thursday, October 16, shares of Zions Bancorp and Western Alliance Bancorp, two regional lenders based in the United States, fell 13% after they revealed that they had been defrauded of loans made to entities that deal in impaired commercial mortgages.

After Zions Bancorp revealed a $50 million charge-off for a loan that was underwritten by its wholly-owned subsidiary, California Bank & Trust in San Diego, the company’s stock fell more than 12%. After it was disclosed that it had also given loans to the same borrowers, Western Alliance Bancorp’s stock dropped 11%.

Friday’s opening saw a decline in Asian markets as Wall Street’s risk appetite cooled and worries about the credit sector were heightened by problematic loans at two US banks. Futures for US stocks showed more weakness.

Some of the stocks to watch out for in the day’s trade include BEML, Godrej Industries, Metro Brands, and Punjab & Sind Bank, Infosys, Wipro, LTIMindtree, Jio Financial and more.

As investors turned their attention to oversupply and the consequences of heightened US-China trade tensions, oil was on track for a third weekly decrease.

West Texas Intermediate was trading above $57, while Brent was close to $61 a barrel, on course for a 2.8% weekly decline.

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