Stock market update: PSU bank stocks plunge up to 6% ahead of RBI policy outcome; SBI among top losers
The Nifty PSU Bank index was 2.55 per cent down at 2,707 around 12:55 pm.
The Nifty PSU Bank index was 2.55 per cent down at 2,707 around 12:55 pm, with IDBI Bank (up 1.23 per cent) as the solitary gainer.
Central Bank of India (down 6.35 per cent) was the top loser in the index, followed by Indian Bank (down 4.92 per cent) and Bank of Baroda (down 3.63 per cent).
State Bank of India (down 2.73 per cent), Canara Bank (down 2.38 per cent), Oriental Bank of Commerce (down 1.74 per cent), Union Bank of India (down 1.40 per cent), Syndicate Bank (down 1.40 per cent), Bank of India (down 1.26 per cent) and Vijaya Bank (down 1.22 per cent) also suffered significant losses.
Shares of Punjab National Bank (down 0.54 per cent) declined about half-a-per cent.
Equity market benchmarks Sensex and Nifty extended their losing streak to the third consecutive session on Friday amid concerns over rupee's continuous fall against the US dollar and surging global crude oil prices.
Selling was observed in most sectors ahead of the RBI's bi-monthly policy meet outcome amid weak global cues.
Stocks of state-run oil companies were under selling pressure as the government Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre and asked oil companies to absorb another Re 1.
The NSE Nifty50 index was down 161 points at 10,438, while the BSE Sensex was 405 points down at 34,764.
Among the 50 stocks in the Nifty index, 14 were trading in the green, while 36 were in the red.
HPCL, BPCL, Indian Oil Corporation, ONGC and GAIL (India) were among the top losers in the Nifty index.