Nifty PSU Bank index slips ~2% led by Punjab National Bank - Highlight Investment Research

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Wednesday 29 May 2019

Nifty PSU Bank index slips ~2% led by Punjab National Bank

Equity benchmark indices opened Wednesday's session on a lacklustre note, with the Nifty index giving up the 11,900 level, tracking weakness in Asian peers. Losses were seen in ICICI Bank, SBI, L&T, and Maruti, which dragged the markets lower, however, gains in HDFC, TCS, Infosys and ITC kept the downside in check.
 

The Sensex was trading 22 points lower at 39,728, while the Nifty50 index was trading at 11,922, down mere 7 points.

 

The Nifty PSU Bank index declined ~2% amid heavy selling pressure in Punjab National Bank, Bank of Baroda and Allahabad Bank.

 

Shares of Punjab National Bank (PNB) fell 3% after the bank posted a loss of Rs4,750cr for the March quarter, bettering its performance from a year ago when it reported a loss of Rs13,417cr. On assets front, it has witnessed improvement as the gross non-performing assets (NPAs) were brought down to 15.50% of gross advances at end of March 2019 as against 18.38% at the end of March 2018, the bank said in the filing.

 

Further, shares of SBI, Oriental Bank, Canara Bank, and Bank of India were trading lower by 2% each, followed by Union Bank and Syndicate Bank in the negative zone.

 

On the other side, J&K Bank, Central Bank and Indian Bank were up in today’s trade on the Banking index.

 

The Bank Nifty is slightly lower at 31,442.35 levels. ICICI Bank, RBL Bank, Axis Bank and IDFC First Bank were down, while Yes Bank, Kotak Mahindra Bank and IndusInd Bank were up.

On the currency front, the domestic unit declined 15 paise in the morning trade against the dollar. The depreciation in local currency could be attributed to a strong dollar against its major peers. The greenback, which holds the status of safe haven asset, gained after tensions between the US and China escalates.

 

NIFTY FUTURE TIPS

 

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