INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Losses in Indian Bank (down 1.92 per cent), Allahabad Bank (down 0.96 per cent) and State Bank of India (SBI) (down 0.76 per
cent) were keeping the Nifty PSU Bank index in the green in Friday's trade.
Shares of SBI were under pressure after it increased the lending
rated for the second time in a year.
The country's largest bank has hiked its effective MCLR by 0.10 per cent across all tenures with effect
from June 1, 2018.
MCLR stands for Marginal Cost of Lending Rate which is the main determinant of cost of a loan for borrowers
The Nifty PSU Bank index was trading 0.46 per cent down at 2,955 around 10:45 am
Shares of Andhra Bank (down 0.69 per cent) and IDBI Bank (down 0.23 per cent) were also in the red
However, shares of Canara Bank (up 1.26 per cent), Oriental Bank of Commerce (up 0.99 per cent), Syndicate Bank (up 0.92 per cent), Punjab
National Bank (up 0.66 per cent), Union Bank of India (up 0.55 per cent), Bank of India (up 0.35 per cent) and Bank of Baroda (up 0.26 per
cent) were trading up around the same time.
Equity benchmarks turned choppy on selling in Kotak Mahindra Bank, HDFC Bank, Hindustan
Unilever, Power Grid and ITC
Benchmark NSE Nifty50 index was down 7 points at 10,729, while the BSE Sensex was 4 points down at 35,319.
Among the 50 stocks in Nifty
index, 26 were trading in the green, while 24 were in the red.
