Stock Market News :- Shares of banking shares were under pressure with
theNifty Bank index hitting fresh 52-week low of 13,566 on the National Stock
Exchange (NSE) in intra-day trade today.
At 03:07 PM, Nifty Bank index was down 1.6% at
13,571 as compared to 0.76% decline in the Nifty 50 index at 6,966.HDFC Bank (Rs 940) and ICICI Bank (Rs 183) from
the Nifty Bank index, while Corporation Bank, Dena Bank, Jammu & Kashmir
Bank, Karnataka Bank, Karur Vysya Bank and South India Bank have touched their
respective 52-week lows during intra-day trade.
State Bank of India, Federal Bank, Bank of India,
Yes Bank and Axis Bank were down more than 2% each, while Kotak Mahindra Bank,
Punjab National Bank, IndusInd Bank, Bank of Baroda and Canara Bank down 1%-2%
on the NSE.Thus far in 2016, Nifty Bank index has
underperforming the market by falling 19% as compared to 12% decline in the
benchmark index.
Moody's Investors Service says that the credit profiles
of Indian public sector banks will worsen, if the government does not revise
upwards its capital infusion plan for the banks in the Indian upcoming budget
to be presented on 29 February 2016.
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