Here's how the Banking stocks are doing today
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The entire banking sector came under selling pressure on Tuesday after private sector lender HDFC Bank announced a 35 bps cut in its base rate to 9.35 percent. This move will force rivals to also cut their lending rates at a time when the sector is saddled with a growing problem of non-performing loans and sluggish credit demand. As a consequence, Bank Nifty dropped 367 points, or 2.1 percent, to 16,779 points.
All 22 banking futures slid between 1 percent to 4.8 percent in the derivatives space. The losses worsened on the PSU banks as they are facing the worst NPA crisis in at least 20 years. Futures of Punjab National Bank, Bank of India, Canara Bank and IDBI posted losses of between 3-4 percent. Losses on private sector banking futures amounted to 1.3-3.4 percent. PNB showed the highest rise in Open Interest, of 8.4 percent.
Losses on the CNX PSU Bank Index were higher than other indices. The Index fell 2.6 percent, or 83 points, to 3,116 points.
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Overall, the
Image credit: Indiatimes
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