Stock market update: PSU bank index suffers losses; all components trade with losses
NEW DELHI: The Nifty PSU Bank index was trading 1.81 per cent down at 3,089 around 10:40 am on Thursday with all components in the red.
Canara Bank (down 2.09 per cent), State Bank of India (down 1.96 per cent) and Punjab National Bank (down 1.86 per cent) were the top losers in the index.
Shares of Union Bank of India (down 1.78 per cent), Andhra Bank (down 1.62 per cent), Allahabad Bank (down 1.50 per cent), Syndicate Bank (down 1.35 per cent), Oriental Bank of Commerce (down 1.14 per cent) and Bank of Baroda (down 1.02 per cent) declined over 1 per cent.
IDBI Bank (down 0.89 per cent), Indian Bank (down 0.84 per cent) and Bank of India (down 0.83 per cent) were also under pressure.
Benchmark indices Sensex and Nifty were down, tracking weakness in global stocks after the US Federal Reserve hiked interest rates for the second time this year and hinted at two more such hikes in the remainder of 2018.
Concerns over widening current account deficit (CAD) at home and data showing lower-than-expected Chinese factory output growth too weighed on the sentiment. Besides, all eyes were on US President Donald Trump's meet with his top trade advisers later in the day to decide on tariff on Chinese goods.
The NSE Nifty50 index was down 67 points at 10,789, while the BSE Sensex was 203 points at 35,536.
Among the 50 stocks in the Nifty index, 12 were trading in the green, while 38 were in the red.
State Bank of India, TCS and ICICI Bank were leading among Sensex losers.
Canara Bank (down 2.09 per cent), State Bank of India (down 1.96 per cent) and Punjab National Bank (down 1.86 per cent) were the top losers in the index.
Shares of Union Bank of India (down 1.78 per cent), Andhra Bank (down 1.62 per cent), Allahabad Bank (down 1.50 per cent), Syndicate Bank (down 1.35 per cent), Oriental Bank of Commerce (down 1.14 per cent) and Bank of Baroda (down 1.02 per cent) declined over 1 per cent.
IDBI Bank (down 0.89 per cent), Indian Bank (down 0.84 per cent) and Bank of India (down 0.83 per cent) were also under pressure.
Benchmark indices Sensex and Nifty were down, tracking weakness in global stocks after the US Federal Reserve hiked interest rates for the second time this year and hinted at two more such hikes in the remainder of 2018.
Concerns over widening current account deficit (CAD) at home and data showing lower-than-expected Chinese factory output growth too weighed on the sentiment. Besides, all eyes were on US President Donald Trump's meet with his top trade advisers later in the day to decide on tariff on Chinese goods.
The NSE Nifty50 index was down 67 points at 10,789, while the BSE Sensex was 203 points at 35,536.
Among the 50 stocks in the Nifty index, 12 were trading in the green, while 38 were in the red.
State Bank of India, TCS and ICICI Bank were leading among Sensex losers.