NEW DELHI: Most PSU bank stocks were trading in the negative territory during the early trade on Tuesday, ahead of RBI's policy decision due tomorrow.The Nifty PSU Bank index was trading 0.26 per cent down at 2,884 around 10:20 am, with 11 stocks declining and only one -- State Bank of India (up 0.25 per cent) -- advancing in trade.Bank of Baroda (down 2.74 per cent), Syndicate Bank (down 2.19 per cent), Union Bank of India (down 1.77 per cent) and Indian Bank (down 1.69 per cent) were the top losers in the index.Shares of Andhra Bank, Bank of India, IDBI Bank and Oriental Bank of Commerce declined over 1 per cent.Shares of Punjab National Bank (down 0.84 per cent), Allahabad Bank (down 0.76 per cent) and Canara Bank (down 0.12 per cent) were also under pressure.Market was subdued ahead of RBI's policy decision due tomorrow.
The RBI's Monetary Policy Committee began its three-day meeting yesterday amid speculation that it may hike the key interest rate for the first time in over four years on account of firming inflation.Benchmark NSE Nifty50 index was down 44 points at 10,585, while the BSE Sensex was 109 points down at 34,902.Among the 50 stocks in the Nifty index, 10 were trading in the green, while 40 were in the red.
Zee Entertainment, Indiabulls Housing Finance, Power Grid Corporation and Bharti Airtel were among the top losers in the Nifty index.