NEW DELHI: Most PSU bank stocks were suffering losses during Tuesday's trade, keeping the sectoral indices down.The Nifty PSU Bank index was trading 1.09 per cent down at 2,997 around 10:45 am with Bank of India (down 3.71 per cent) as the top loser.
Higher provisions for bad loans and lower earnings from banking business led to Bank of India reporting Rs 3969 crore loss in the fourth quarter ending March 2018 as against Rs 1048 crore loss in fourth quarter a year ago, ET reported.
Shares of Andhra Bank (down 1.72 per cent), Oriental Bank of Commerce (down 1.46 per cent), State Bank of India (down 1.21 per cent) and Union Bank of India (down 1.12 per cent) declined over 1 per cent.Shares of Syndicate Bank (down 0.80 per cent), Canara Bank (down 0.55 per cent), Bank of Baroda (down 0.55 per cent), Punjab National Bank (down 0.51 per cent) and Allahabad Bank (down 0.35 per cent) were also in the red.State-run banks are set to close the March quarter in the deepest ever red, with 17 banks posting full-year combined losses of more than Rs 78,000 crore, of which Rs 59,000 crore were accounted for in the final three months of the fiscal year.
A fresh buying in pharma, metal, FMCG, IT and auto counters lifted market up.Benchmark NSE Nifty50 index was up 19 points at 10,708, while the BSE Sensex was up 54 points at 35,220.Among the 50 stocks in the Nifty index, 36 were trading in the green, while 14 were in the red.