The positive vibes generated by the better-than-expected results of Bank of Baroda (BoB), which lifted the sentiment towards bank stocks in general yesterday, did not sustain for more than a day with the NSE Bank Nifty tanking by over 450 points around noon today.
PNB, which was helped by the negative tax provisions to put up a better show in Q4 of last year, almost breached its 52-week low as the market sentiment turned decidedly bearish despite the breather the FIIs got over the MAT issue.
The weakness witnessed by the bank stocks was not limited to the PSBs and even the private sector banks came under intense selling. In fact, all the 12 bank stocks forming the Bank Nifty were down.
Kotak Mahindra Bank shed Rs.26.05 to trade at Rs.1313, IndusInd Bank lost Rs.22.25 to slip to Rs.797.40, and HDFC Bank was trading weak by Rs.16.40 at Rs.973.90. Axis Bank lost Rs.11.35 at Rs.539.75, ICICI Bank was trading at Rs.312.25, a loss of Rs.11.35, and YES Bank shed Rs.19.55 to trade at Rs.824.80.
Among the PSBs, the major losers were Canara Bank, which shed Rs.14.15 to trade at Rs.348.40, Bank of India which lost Rs.8.75 to trade at Rs.197.50 and Bank of Baroda, which despite putting up a good Q4 show in 2014-15, was down by Rs.10.10 at Rs.159.60. SBI was able to limit the loss to Rs.7.05 and was trading at Rs.269.
PNB came close to breaching its 52-week low of Rs.142.30 when it fell to a low of Rs.142.60 before pulling back to Rs.143.85, a loss of Rs.5.25.
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