Nifty Bank Remains Subdued
Shares of major banks like SBI, PNB, and Canara Bank declined sharply during Thursday's session. (PTI File Image)
MUMBAI: Several bank stocks came under pressure amid a broad market sell-off on Thursday pressured by bribery charges against industrialist Gautam Adani and other group executives by the United States Securities and Exchange Commission. Public sector bank stocks saw significant declines with some falling up to 7 per cent. The Nifty PSU index dropped nearly 5 per cent, weighed down by SBI, Bank of Baroda, PNB, and Canara Bank. SBI shares fell 5 per cent to Rs 761.55, Canara Bank dropped 5.4 per cent to Rs 92.52, PNB slipped 6 per cent to Rs 94.81, and Bank of Baroda led the decline, falling 7.3 per cent to Rs 219.85.
The Nifty Bank ended the session on a subdued note, closing at 50,372.90, marking a decline of 0.50 per cent. During the day, the index touched an intraday low of 49,787.10 but managed to recover a significant portion of its losses. Nifty Bank has managed to remain above its 200-day moving average (DMA), currently placed around the 49,700 level. However, it continues to trade below the 9 and 20 DMAs, signalling cautious sentiment in the short term. The index is likely to oscillate within a broader range, with immediate support seen at 49,700 and resistance around 51,000 said Om Mehra, Technical analyst, SAMCO Securities.
Adani has been indicted along with seven others for his involvement in a large-scale bribery and fraud scheme by the US court.
( Source : Deccan Chronicle )
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