Oriental Bank of Commerce: Market Now: PSU Bank stocks crack; OBC, BOI among top losers

NEW DELHI: Most of the PSU bank stocks tanked during Thursday’s afternoon session, dragging the Nifty PSU Bank index lower.

Oriental Bank of Commerce (down 2.35 per cent), Bank of India (down 2.30 per cent), Canara Bank (down 1.51 per cent), Bank of Baroda (down 1.19 per cent), Union Bank of India (down 1.03 per cent) and State Bank of India (down 1.03 per cent) slipped over 1 per cent in the Nifty PSU Bank index which was trading 1 per cent down at 3,001 around 1 pm (IST).

Benchmark Nifty50 index was trading 0.24 per cent up at 10,009, while the BSE Sensex was 0.19 per cent up at 31,895 around.

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IDBI Bank (up 0.29 per cent) was the only gainer in the PSU Bank index around that time.

Some private bank stocks such as YES Bank (down 1.06 per cent), ICICI Bank (down 0.90 per cent) and South Indian Bank (down 0.49 per cent) declined up to 1 per cent.

Among the gainers in the Nifty50 index, Bharti Infratel surged up to 7 per cent. Hindalco gained over 5 per cent.

Aurobindo Pharma, Sun Pharma, Vedanta and Reliance Industries were the other top gainers.

On the contrary, UltraTech Cement, Tata Motors, Infosys, Asian Paints and State Bank of India were trading as the top losers among the Nifty stocks.

On the NSE, 978 stocks were advancing, compared with 629 stocks declining and 363 stocks remaining unchanged.

Source

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