Nifty Tips: Falls in Nifty PSU Banks

Nifty Tips: Falls in Nifty PSU Banks

Shares of public sector banking (PSU) declined sharply in the wake of market fluctuations. The Nifty PSU Bank Index, which constitutes PSU banking shares on the NSE, fell up to 1.4pc in the afternoon session on Friday.

Shares of Bank of Baroda were down 2.92%, Oriental Bank of Commerce (OBC) and Canara Bank declined 2.24% each, Union Bank, Syndicate Bank and Bank of India were down surrounding below 2% levels.

In addition, J&K bank, Central bank, Indian Bank, SBI, PNB and Allahabad bank hit their minimum levels up to 1%

The bank of Baroda and OBC’s stock reactions were followed by their latest updates as under:

The Bank of Baroda’s capital raising committee scheduled a meeting to be held on Sept 18, 2019, to consider in raising debt capital for the Bank via the issuance of Basel-III Compliant Tier-II Bonds or Addl nifty future trading tips and stock Tips please visit our website.

The OBC updated with CARE Ratings outlook revision of tier First & Second bonds from ‘stable’ to ‘under credit watch with developing implications’, which came after the Finance Ministry’s announcement in connection with the proposed merger of OBC & United Bank of India with PNB.

The PSU Index was trading at 2,471.05 with a loss of 1.38% at 1.25pm, compared to the open-level of 2,501-level.

By this time, the major indices in the Nifty were Titan, Infratel, Hero Motor Corp, while major losers were Yes Bank and Indiabulls Housing.

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