Nifty Bank index under pressure; SBI, J&K Bank only gainers

Punjab & Sind Bank, UCO Bank, Federal Bank, and Punjab National Bank drag the most across banking sectors.

Jun 01, 2021 01:06 IST India Infoline News Service

Nifty Bank was under pressure amid volatile trade on Tuesday. The index shed 120 points in the afternoon session. State Bank of India led the gains and HDFC Bank traded flat, rest all the banks on Nifty50 were trading in the red.

At arounnd 1.15 PM, Nifty Bank was trading at 35,402.15 down 124.50 points or 0.35%, touching a low of 35,241.20 during intraday trade on Tuesday.

BSE Sensex was trading at 51,950.68 up 13.24 points or 0.03% and Nifty 50 at 15,577.05 up 5.75 points or 0.04%.

SBI rose 1.68% at Rs431.50 per piece. The Bank has reportedly revised India's real GDP projection for FY22 to 7.9% from 10.4% earlier. The upward bias to this number with hope of 1 crore vaccinations per day from Mid-July.

HDFC Bank was trading flat after making gains early on. ICICI Bank shed 1.5% while Axis Bank was also under pressure (down 0.65%).

Federal Bank,and Punjab National Bank dropped over 1.7% each.

PSU Bank's were also struggling with J&K Bank only in the green along with SBI. Nifty PSU Bank was trading at 2,415.70 down 10.60 points or 0.44%. 

Jammu & Kashmir Bank (J&K Bank) rose 1.22% to Rs29.05 after the bank said its board will meet on Friday, 4 June 2021, to consider the proposal of capital infusion in the bank.

All the Private Bank's except HDFC Bank were in the red zone. Punjab & Sind Bank and UCO Bank dropped 3%.

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