INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Most PSU bank stocks were trading in the negative territory in Thursday's trade, a day after the RBI hiked repo rate for the
second time in two months.
The Nifty PSU Bank index was trading 0.45 per cent down at 3,188 around 11 am, with IDBI Bank (up 1.45 per cent)
as the solitary gainer.
Punjab National Bank (PNB) (down 1.60 per cent), Oriental Bank of Commerce (down 1.40 per cent), Canara Bank (down
1.30 per cent) and Union Bank of India (down 0.91 per cent) were the top losers in the PSU bank index.
Allahabad Bank (down 0.55 per cent),
Indian Bank (down 0.54 per cent), Bank of Baroda (down 0.50 per cent), Bank of India (down 0.47 per cent), Syndicate Bank (down 0.44 per
cent), State Bank of India (down 0.29 per cent) and Andhra Bank (down 0.14 per cent) too were under pressure.
Market sentiment was bearish
on heavy selling in metal, auto, banking, IT and financial stocks amid capital outflows by foreign funds after the RBI yesterday hiked repo
rate for the second time in two months.
Reliance Industries, HDFC twins, Kotak Mahindra Bank and Maruti Suzuki were reeling under
pressure.
Global cues too were weak on renewed US-China trade war concerns.
Benchmark NSE Nifty50 index was down 62 points at 11,284, while
the BSE Sensex was 208 points at 37,314.
Among the 50 stocks in Nifty index, 18 were trading in the green, while 32 were in the red
Vedanta, Mahindra Mahindra and HCL Technologies were among the top losers in the Nifty index.
