Stock market update: Nifty Bank down; IndusInd Bank, HDFC Bank, ICICI Bank drag
NEW DELHI: The Nifty Bank index was trading 0.19 per cent down at 27,379 around 11 am on Wednesday.
Shares of IndusInd Bank (down 1.35 per cent), RBL Bank (down 1.26 per cent), HDFC Bank (down 0.32 per cent), ICICI Bank (down 0.27 per cent), Bank of Baroda (down 0.27 per cent) and Kotak Mahindra Bank (down 0.21 per cent) were among the top losers in the Nifty Bank index.
However, shares of YES Bank (up 1.32 per cent), IDFC Bank (up 0.44 per cent), Federal Bank (up 0.19 per cent), Punjab National Bank (up 0.18 per cent) and Axis Bank (up 0.12 per cent) were in the green in the index.
State Bank of India (up 0.02 per cent) was trading flat around that time.
Banks may have to take a haircut of as much as 60 per cent from the close to Rs 1.8 lakh crore of loans to the power sector after the Allahabad High Court denied power companies interim relief from Reserve Bank of India’s tightened NPA regulations, further impacting banking profitability, says a note by US-based brokerage Jefferies.
Of 34 stressed plants, 10 (total loans of Rs 39,400 crore) have already been referred to NCLT, and another eight (loans of Rs 36,500 crore) will be taken to NCLT.
Market sentiment was sombre amid weak global cues and precarious health of Indian rupee.
Benchmark NSE Nifty50 index was down 24 points at 11,496, while the BSE Sensex was 64 points at 38,094.
Among the 50 stocks in the Nifty index, 19 were trading in the green, while 31 were in the red.
Sun Pharmaceutical Industries, YES Bank, UPL, Tech Mahindra and Wipro were among the top Nifty gainers.
Coal India, Hindustan Unilever, Indiabulls Housing Finance, ONGC and Bharti Infratel were among the top losers in the Nifty index.
Shares of IndusInd Bank (down 1.35 per cent), RBL Bank (down 1.26 per cent), HDFC Bank (down 0.32 per cent), ICICI Bank (down 0.27 per cent), Bank of Baroda (down 0.27 per cent) and Kotak Mahindra Bank (down 0.21 per cent) were among the top losers in the Nifty Bank index.
However, shares of YES Bank (up 1.32 per cent), IDFC Bank (up 0.44 per cent), Federal Bank (up 0.19 per cent), Punjab National Bank (up 0.18 per cent) and Axis Bank (up 0.12 per cent) were in the green in the index.
State Bank of India (up 0.02 per cent) was trading flat around that time.
Banks may have to take a haircut of as much as 60 per cent from the close to Rs 1.8 lakh crore of loans to the power sector after the Allahabad High Court denied power companies interim relief from Reserve Bank of India’s tightened NPA regulations, further impacting banking profitability, says a note by US-based brokerage Jefferies.
Of 34 stressed plants, 10 (total loans of Rs 39,400 crore) have already been referred to NCLT, and another eight (loans of Rs 36,500 crore) will be taken to NCLT.
Market sentiment was sombre amid weak global cues and precarious health of Indian rupee.
Benchmark NSE Nifty50 index was down 24 points at 11,496, while the BSE Sensex was 64 points at 38,094.
Among the 50 stocks in the Nifty index, 19 were trading in the green, while 31 were in the red.
Sun Pharmaceutical Industries, YES Bank, UPL, Tech Mahindra and Wipro were among the top Nifty gainers.
Coal India, Hindustan Unilever, Indiabulls Housing Finance, ONGC and Bharti Infratel were among the top losers in the Nifty index.