Stock Market Update: Nifty PSU Bank index falls by 1.11% amid fears of Omicron

Moreover, the banking index, Nifty PSU Bank took a hit too and is also trading below Rs 2,508.

Advertisement

The market sentiments on Thursday changed as major indices traded in the red. The investors put their sentiments on hold towards the market after a report suggests a weak outlook for the banking sector.

The 13 shares Nifty PSU Bank Index plunged its 6-month low after tumbling over 1.67 per cent. Likewise, in the Nifty PSU Bank, all the 13 components traded with a cut of between 1-2 % with the Union Bank of India seeing the most fall by over 1.72 per cent at the time of writing this report.

However, private sector heavyweights like IndusInd Bank, ICICI Bank along HDFC Bank rose between 1-2% respectively. Similarly, Bandhan Bank, City Union Bank and DCB Bank shares have tumbled by 1-2% on the share market on Thursday.

Negative global cues, continued selling of shares by Foreign Institutional Investors (FIIs), absence of positive trigger for the banks and the fear of novel coronavirus variant Omicron is likely to put pressure on the market.