Oriental Bank of Commerce: Market Now: PSU Bank stocks fall; OBC cracks 3%

NEW DELHI: Most of the PSU bank stocks such as Oriental Bank of Commerce (down 3.08 per cent), Bank of India (down 1.94 per cent), Andhra Bank (down 1.88 per cent), IDBI Bank (down 1.31 per cent) and Syndicate Bank (down 1 per cent) were losing in trade, dragging the Nifty PSU Bank index lower.

The Nifty PSU Bank index was trading 0.67 per cent down at 3,081 around 12.10 pm (IST). Benchmark Nifty50 index was marginally up by 0.05 per cent at 9,984, while Sensex was 0.06 per cent up at 31,834.

Punjab National Bank (down 0.73 per cent), Bank of Baroda (down 0.63 per cent), Allahabad Bank (down 0.59 per cent), State Bank of India (down 0.45 per cent) and Canara Bank (down 0.32 per cent) were also losing in the trade.

Indian Bank (up 0.43 per cent) and Union Bank of India (up 0.23 per cent) were the only two stocks that were trading in the green around that time.

The overall market sentimet appeared cautious as selling in oil, IT, PSU banks and realty stocks played the damp squib.

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Power Grid, Aurobindo Pharma, GAIL, Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Oil & Natural Gas Corporation and Vedanta were trading as the top losers in the Nifty50 index.

Dr Reddy’s, Bajaj Finance, Coal India and UltraTech Cement were the top gainers among Nifty stocks.

On the NSE, 940 stocks were advancing, compared with 671 stocks declining and 369 stocks remaining unchanged.

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