Banking Stocks Crash In Market Carnage; PSBs See Heavy Selling

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Shares in Banks saw relentless selling pressure dragging the Sensex down almost 550 points in trade. Public sector banks were the worst affected after downgrade by a foreign brokerage firm.

    Bank of Baroda, Canara Bank, Syndicate Bank, Union Bank of India and Punjab National Bank were all down more than 5 per cent each.

    Banking Stocks Crash In Market Carnage; PSBs See Heavy Selling
    Private sector banks like IndusInd Bank, Yes Bank, ICICI Bank and Axis Bank were down almost 3 per cent in trade.
     

    Stocks like State Bank of India, Bank of India and ICICI Bank hit a new 52-week low. In fact, the drop in banking stocks is one of the main reasons for the sharp fall in the indices in the last few months.

    The Sensex has fallen from a high of 30,000 points in march to the current level of 25,200 points. Banking stocks which have a heavy weight in the index have dropped sharply anywhere between 25-30 per cent.

    There maybe some more downside in the markets if the US Federal Reserve hikes interest rates in the US. Also, economic growth has been sluggish compounding worries on the non performing assets front.

    GoodReturns.in

    Story first published: Friday, September 4, 2015, 11:16 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more