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Struggle continues! Nifty below 10,400; PSU bank stocks slip

Benchmark indices continued to trend lower, dragged down by losses in shares of public sector banks, pharma, metals, IT and FMCG companies.

Benchmark indices fell over 1% due to increased selling in bluechips led by L&T, SBI, Tata Steel, ITC and ICICI Bank.

At 3:04 PM, the BSE Sensex was trading at 33,722, down 289 points, while the Nifty50 index was trading at 10,356, down 96 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 1.88% and 1.67%, respectively.

The Nifty PSU Bank index slumped as much as 4.5% to extend their losses for the sixth straight session today, weighed by index constituents Allahabad Bank, Union Bank, Punjab National Bank.

Shares of Gitanjali Gems have completely lost shine, as the stock has nosedived by ~50% in the past four trading sessions. The stock has fallen sharply since the PNB fraud case came into the open. The Enforcement Directorate conducted search operations at various stores of Gitanjali Gems located in shopping malls. In a recent development, according to media reports, the Company Secy has resigned post the PNB fraud case.

PNB extended its decline to fourth trading session after it informed exchanges of fraudulent transactions worth Rs11,300cr at one of its branches in Mumbai. Stock dropped 8%.

Tata Steel fell as much as 6.5%, while Bhushan Steel surged 20% after Tata Steel emerged as the highest bidder for debt-ridden Bhushan Steel and Bhushan Power and Steel, as per media reports.

Vakrangee fell 5% after 19.9 million shares or 1.9% equity changed hands in two block deals.

Volatility index India VIX gained 5.15% at 17.2225.

Kotak Mahindra Bank (+0.46%), Coal India (+0.12%), NTPC (+0.06%) and HDFC (+0.03%) were the top gainers on Nifty50.

Tata Steel (-6.7%), Dr.Reddy’s (-4.3%), Adani Ports (-3.7%), SBI (-3.6%) and HCL Tech (-3.6%) were the top losers in today’s trade.

Out of 2,030 stocks traded on Nifty, 268 advanced, 1,457 declined and 305 remained unchanged.