The CNX PSU Bank index, a gauge of public sector banks, hit a 15-month low on the National Stock Exchange (NSE) after Nikkei purchasing managers' index (PMI) data showed that factory production expanded at a lower pace in August compared to July.
Punjab National Bank, Oriental Bank of Commerce, Bank of Baroda, IDBI Bank, Canara Bank, Union Bank of India and Bank of India dipped more than 5% each, while State Bank of India (SBI), Allahabad Bank, Andhra Bank and Syndicate Bank down 3%-4% on the NSE.
At close, the CNX PSU Bank index was down 4.4% at 3,059 compared to 2.3% fall in the CNX Nifty. The PSU bank index hit a low of 3,043, its lowest level since May 9, 2014 during intra-day trade today.
From its 52-week high, the CNX PSU Bank index has lost 31% as compared to 15% fall in the CNX Nifty.
PMI fell to 52.3 points in August against six-month high of 52.7 in July. But barring July, the reading in August is still the highest in six months. CLICK HERE TO READ FULL STORY
Growth in the manufacturing sector slowed down to 7.2% in the first quarter of the current financial year, April-June, against 8.4% in the previous quarter, January-March, data released on Monday showed. Besides, core sector, which constitutes almost 38% of the Index of Industrial Production (IIP), rose by a three-month low of 1.1% for July.
According to IFA Global, India's economy expanded 7% in the first quarter, well below expectations and slower than the preceding three-month period, putting a dent in the Modi government's optimism about a strong recovery.
India's Gross Value Added grew by 7.1% against the 6.1% in Jan-March quarter. The nominal GDP growth also remained weak at 8.8% against the 13.4% a year ago.
|52-week high||52-week low|
|Bank||LTP*||% fall #||Price||Date||Price||Date|
|Bank of India||134.50||-56.88||311.95||02/01/2015||131.40||25/08/2015|
|United Bank (I)||21.45||-55.64||48.35||03/09/2014||20.45||25/08/2015|
|Punjab & Sind Bank||36.50||-45.81||67.35||20/11/2014||35.05||25/08/2015|
|J & K Bank||96.80||-45.28||176.90||04/09/2014||88.05||24/08/2015|
|Punjab National Bank||134.80||-41.63||230.95||19/12/2014||129.50||16/06/2015|
|Union Bank (I)||167.75||-33.83||253.50||27/01/2015||129.75||08/05/2015|
|Bank of Maha||34.70||-28.75||48.70||16/09/2014||32.50||25/08/2015|
|St Bk of Bikaner||509.55||-28.63||714.00||22/01/2015||476.50||24/08/2015|
|St Bk of Travancore||409.50||-25.49||549.59||15/01/2015||390.00||25/08/2015|
|Bank of Baroda||172.50||-24.64||228.90||23/01/2015||137.15||29/06/2015|
|*LTP : Last traded price in Rs|
|# Fall from 52-week high price|