PSU Banks Underperform in Thursday's Session

Strategic Insights -

State-owned bank shares continued their downward trend in Thursday's session, with the Nifty PSU Bank index declining 3.01% to 1353.05 by 2:35 PM. The benchmark NSE Nifty50 index fell by 182.45 points to 9933.7, while the BSE Sensex dropped 597.39 points to 33649.66. Among the 50 stocks in the Nifty index, 44 were in the red, and only 6 were trading in the green. The top losers in the PSU Bank index included State Bank of India, Indian Overseas Bank, UCO Bank, and Bank of Baroda.

Key Takeaways:

  • The Nifty PSU Bank index lost 3.01% to 1353.05 by 2:35 PM, with State Bank of India (down 4.26%) and Indian Overseas Bank (down 3.32%) leading the decline.
  • The benchmark NSE Nifty50 index fell by 182.45 points to 9933.7, and the BSE Sensex dropped 597.39 points to 33649.66.
  • Among the 50 stocks in the Nifty index, 44 were in the red, and only 6 were trading in the green.
  • The top losers in the PSU Bank index also included UCO Bank (down 3.32%), Bank of Baroda (down 3.19%), and J & K Bank (down 3.08%).
  • Shares of Vodafone Idea, IDFC First Bank Ltd., RBL Bank Ltd., PNB, SBI, IndusInd Bank, BHEL, Bank of Baroda, Tata Motors, and Federal Bank were among the most traded shares on the NSE.

Statistics:

  • The Nifty PSU Bank index lost 109.56 points (3.01%) to 1353.05 by 2:35 PM.
  • The benchmark NSE Nifty50 index fell by 182.45 points (1.83%) to 9933.7.
  • The BSE Sensex dropped 597.39 points (1.76%) to 33649.66.
  • State Bank of India shares declined by 4.26% to 231.20.
  • Indian Overseas Bank shares fell by 3.32% to 14.50.

Sources:

  • Times of India online, "Shares of PSU banks trade with losses", no date provided.