Market Update: PSU Bank index falls over 2% as PNB, Union Bank plunge 5%; Tata Steel down 3%

It was a negative opening from the Indian markets with the Sensex falling over 100 points while the Nifty was down 36 points at 10,415.

Nifty PSU banking index was the biggest drag which slumped 2 percent led by stocks like PNB, IOB, Bank of India, Allahabad Bank, Union Bank of India and State Bank of India.

The midcap index was down 1 percent as stocks like GMR Infra, Sun TV, SAIL, Union Bank and Unitech dragged the index lower.

From the Nifty, the stocks that gained the most were Bharti Infratel and UltraTech Cement which added over 1 percent each followed by Ambuja Cements, GAIL India and Vedanta.

The top Nifty losers included Tata Steel which was down over 3 percent followed by Zee Entertainment, Bajaj Finance, SBI and Cipla.

The most active stocks included PNB which plunged close to 6 percent followed by Tata Steel, ICICI Bank, SBI and Fortis Healthcare.

From the BSE, KPR Mills jumped close to 6 percent followed by Vakrangee, Indian Hotels and Bombay Burmah.

Dena Bank, Gitanjali Gems and PTC India Financial were some of the stocks that hit new 52-week low.

The market breadth was in favour of the declines with 410 stocks advancing in while 1176 stocks declined and 435 remained unchanged. On the other hand, 605 stocks advanced on BSE with 1411 stocks declining and 104 remained unchanged.