Sensex, Nifty continue to trade lower; PSU Banks at day's low

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Domestic benchmark indices were lower in afternoon trade, dragged by losses in shares of public sector banks and financial services companies.

Shares of public sector companies slumped, weighed by the losses in the shares of State Bank of India and Punjab National Bank.

At 1:59 PM, the BSE Sensex was trading at 34,337, down 109 points, while the Nifty50 index was trading at 10,546, down 37 points.

The BSE Midcap Index slipped 0.49% and the BSE Smallcap Index was down 0.26%.

Shares of Punjab National Bank extended losses and fell 13% after the bank said the quantum of fraudulent transactions in the Nirav Modi scam case may increase by another $204.2mn. The Nifty PSU Bank fell 2.2% in the early session.

Shares of Mercator surged 4.5% on the back of DGH approval for field development plan (FDP).

Simbhaoli Sugar stock soared 5% after it clarified that the company is committed to clear all of its outstanding dues with OBC in due course of time, in the joint consultation of all the lenders.

Volatility index India VIX rose 3.41% to 14.1625.

Dr Reddy's (+1.7%), Bajaj Auto (+1.4%), NTPC (+1%), Hero MotoCorp (+1%) and HUL (+0.95%) were the top gainers on Nifty50.

Ambuja Cements (-4.6%), SBI (-2.6%), Axis Bank (-1.9%), Sun Pharma (-1.8%) and BPCL (-1.7%) were the top losers in today’s trade.

Out of 2,020 stocks traded on the NSE, 595 advanced, 1,083 declined and 342 remained unchanged today.

A total of 14 stocks registered a fresh 52-week high in trade today, while 31 stocks touched a new 52-week low.

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