Banks under pressure; Nifty PSU Bank index hits 52-week low

Bank of India, Canara Bank, Union Bank of India, Allahabad Bank, Andhra Bank, Indian Bank and Syndicate Bank were down in the range of 4% to 7%.

Banking shares public as well as private sector were under pressure with Nifty PSU bank index hitting 52-week low of 2,917 on the National Stock Exchange (NSE) in noon deal. The index fell below its earlier low of 2,928 recorded in October 19, 2017 in intra-day trade.

At 03:18 pm; Nifty PSU Bank index, the largest loser among sectoral indices, slipped 3.5% at 2,918, while Nifty Bank index down 1.5% or 360 points at 24,459. On comparison, the benchmark Nifty 50 index was trading 1.1% lower at 10,242 points, Nifty Bank index hit an intra-day low 24,441, its lowest