Sea of Red: Nifty PSU Bank Crashes, Nifty Bank Marred; SBI, PNB Top Laggards

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Sea of Red: Nifty PSU Bank Crashes, Nifty Bank Marred; SBI, PNB Top Laggards

By Malvika Gurung

Investing.com -- Bears took over the Indian market a day after benchmark indices snapped a three-session losing run on Tuesday, ahead of Fed Chair Jerome Powell’s speech in the evening and key US inflation data lined up in the week.

Headline Nifty50 index sank under the 17,900 level on Tuesday after ending above 18,100 in the previous session. At the time of writing, the benchmark index tanked 1.12% to 17,897.85 and Sensex slashed 677.56 points.

While most sectoral indices under the Nifty umbrella traded in the red, Nifty PSU Bank took the biggest hit, plummeting 3.3% at the time of writing, followed by Nifty Bank sliding 1.6%.

All the constituents of the two sectoral indices were marred in red, with up to 5% losses led by UCO Bank (NS: UCBK ), Maharashtra Bank, Punjab & Sind Bank (NS: PUNA ), Indian Overseas Bank (NS: IOBK ) and Bank of India (NS: BOI ) on the Nifty PSU Bank.

On the Nifty Bank index, the losses were led by state-owned lenders State Bank of India (NS: SBI ), Punjab National Bank (NS: PNBK ) and Bank of Baroda (NS: BOB ), while private banks HDFC Bank (NS: HDBK ) and Bandhan Bank (NS: BANH ) declined over 2%.

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