Punjab National Bank: Market Now: PSU bank stocks plunge; IDBI Bank, PNB crack up to 6%

NEW DELHI: PSU bank stocks including IDBI Bank (down 6.40 per cent), Punjab National Bank (down 5.43 per cent) and Union Bank of India (down 5.10 per cent) were losing in Friday’s morning trade.

Bank of India (down 4.07 per cent), Oriental Bank of Commerce (down 4.07 per cent), Syndicate Bank (down 3.60 per cent), Allahabad Bank (down 3.43 per cent), Andhra Bank (down 2.93 per cent), Bank of Baroda (down 2.58 per cent), Canara Bank (down 1.76 per cent) and State Bank of India (down 1.58 per cent) were also trading in the red.

The Nifty PSU Bank was trading 2.54 per cent down at 3,887 around 10 am (IST).

Equity benchmarks Nifty50 and Sensex registered a positive opening, with both the key indices hitting a fresh record high of 10,366.15 and 33270.62, respectively.

However, bourses pared gains as a fresh spell of selling emerged in bank, telecom and IT stocks.

Benchmark NSE Nifty50 index was 4 points up at 10,348, while the BSE Sensex was 61 points up at 33,208 around 10 am.

Among the 51 stocks in the Nifty50 index, 34 were trading in the green, while 16 were in the red.

Shares of Bajaj Finance, Cipla, Kotak Mahindra Bank, Adani Ports SEZ, Maruti Suzuki and Zee Entertainment were among the top gainers in the Nifty50 index.

However, YES Bank, Bharti Infratel, HPCL, Bharti Airtel, Indian Oil Corporation and SBI were the top losers among the Nifty stocks.

On the NSE, 1025 stocks were advancing, compared with 541 stocks declining and 402 stocks remaining unchanged.

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