Banking stocks were among top laggards of Friday's trading session with heavyweight private bank stocks dragging the sector most. However, PSU Bank stocks which had back-to-back record high sessions earlier this week pulled away as the largest state-run lender SBI entered into negative territory which further led to dampening sentiments in the overall sector.
At around 12.37 pm, Nifty Bank traded at 36,318.85 diving by 268.15 points or 0.73%. The index has slid to an intraday low of 36,124.40 in early deals.
At Nifty Bank,
ICICI Bank was the top underperformer tumbling by 2.3% followed by
SBI slipping near 2%. Axis Bank and Federal Bank plunged over 1% each. HDFC Bank was also trading marginally lower.
However, gainers' list included
IDFC First Bank in the lead surging over 12% followed by RBL Bank soaring 3%, PNB up 2.4% and IndusInd Bank higher by 1.3%.
IDFC First touched a new 52-week high of Rs66.80 per piece, after the bank approved raising of funds for an amount aggregating up to Rs3,000cr, in one or more tranches by way of issuance of securities, through one or more permissible mode(s), including but not limited to a Private Placement, Qualified Institutions Placement, Follow-on Public Offering or a combination thereof, subject to shareholders’ approval.
Going forward, Nifty Private Bank traded at 19,287 lower by 79.90 points or 0.41%. The index has tumbled to an intraday low of 19,132.60. ICICI Bank and
Axis Bank were top bears on the index.
On the other hand, Nifty PSU Bank was trading on a flat note at 2,590.35. The index opened higher at 2,608.90 and even touched a new record high of 2,660.60 in early deals. However, the index pulls back amid weak markets and even saw an intraday low of 2,566.95.
On Nifty PSU Bank, Indian Overseas Bank was top performer soaring by 8.5% followed by Bank of Maharashtra, J&K Bank, PNB, UCO Bank and Union Bank climbing between 1-5%.
PSU Banks are in focus after reports suggested that the Indian government shortlisted four mid-sized state-owned banks for privatisation to shore up government revenues. The four shortlisted banks are - Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India.
On broader markets, bears have hovered tracking weak global cues. Sensex trades at 51,209.66 down by 115.03 points or 0.22%. While Nifty 50 performs at 15,072.95 below 46 points or 0.30%.