Sensex dips 300 pts, Nifty below 10,400; banks, metals drag

Benchmark indices continued to trade sharply lower as all sectoral indices were in the red, with the PSU Bank falling around 4 percent.

Union Bank, Allahabad Bank, Syndicate Bank, PNB, Indian Bank, Bank of Baroda and Bank of India were prominent losers, falling 6-8 percent after detection of Rs 11,400-crore banking fraud by PNB.

Tata Steel stock was down over 6 percent but Bhushan Steel was up 20 percent. This after Moneycontrol reported that Tata Steel has emerged as the highest bidder for buying out Bhushan Steel.

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