Even as the Asian markets were firm, Indian indices bore the brunt of rising coronavirus cases. And sectorally the most drag was witnessed by the financial pack and among it in the Nifty PSU Bank space. The index at the time of writing this copy was down over 5.7%.
The stocks from the pack pulling the index down include SBI, BOB, PNB, Bank of India and Canara Bank. SBI shares dropped as much as 5.7 percent to day's low of Rs.
The financials are seeing the brunt as a halt in economic activity due to restrictions and curfew now likely being announced in National capital will weigh on the NPAs, which are already expected to inch higher after the SC has lifted the stay on declaring loan accounts as NPAs.
Last the index traded weak by 4.63 percent.