The PSU Banks faced a burnt today with the the Nifty PSU Bank Index slipping 1.5% at 1,414.40 levels with major selling pressure seen in J&K Bank, UCO Bank and Bank of India. After reaching the day’s high of 1436.75, it was trading at 1,428.60 at 3:19 pm.
J&K Bank slipped 2.5%, UCO Bank and Bank of India dropped 2%, Union Bank, PNB and Indian Bank also slipped 1% each. SBI pulled the index down by -5.58% in mid-trade while settling at Rs 198.20 by closing time. Punjab National Bank (PNB) supported it with a meager 0.93% and was trading at Rs 33.55.
Central Bank of India, Union Bank, Bank of Baroda and Maharashtra Bank were also in the red zone.
RBI Governor Shaktikanta Das has recently said that persistently large liquidity infusion by the central banks has ensured large borrowing by the government at a low rate and in a non-disruptive manner. He also pointed out that the RBI is closely monitoring the market and is in constant engagement with all India financial institutions such as NABARD and NHB.
Benchmark indices were trading in the green with Sensex at 39,280 levels after reaching a days high of 39,359, while Nifty 50 was trading at 11,596.
16.09.2020
Sensex opens at 39161 with a gain of 116 points. pic.twitter.com/aV9WuBbNP7— BSE India (@BSEIndia) September 16, 2020
