PSU banks extend fall; Vijaya Bank hits 52-week low

Shares of public sector undertaking (PSU) banks are facing selling pressure for the third straight trading session on concerns that payment banks pose a risk to public lenders' market share.

At 09:43 AM, the CNX PSU Bank index was the largest loser among sectoral indices; down 2.8% or 96 points at 3,426 compared to a 1.4% decline in the CNX Nifty Stock Market Trading Tips

The PSU bank index has slipped by 8% in the past three trading sessions from 3,729 on August 18, erasing nearly two-third of the gains recorded after the government announced a seven-point reform agenda for these banks. The benchmark index was down 2.4% during the same period.  

The CNX PSU bank index had rallied 13% between August 12 and August 18, compared to a 1.4% rise in the CNX Nifty.

Today, State Bank of India (SBI), Canara Bank, Central Bank of India, Allahabad Bank, Bank of India, Union Bank of India, Bank of Baroda and Oriental Bank of Commerce are down 3%-4% each on the National Stock Exchange (NSE) Himanshu Tiwari Astrologer Blog

Syndicate Bank, Indian Overseas Bank, Punjab National Bank, IDBI Bank and Andhra Bank are down 2% each. Vijaya Bank is trading at a 52-week low of  Rs 37.50, down 1.5%, on the NSE.

According to rating agency, Fitch, the proposed payments banks will increase competition for public sector lenders and could also pose risks to their market share over the long-term, the PTI report suggests. CLICK HERE TO READ FULL REPORT.

Meanwhile, private sector banks such as Yes Bank, ICICI Bank, Axis Bank, Indusind Bank, Kotak Mahindra Bank and HDFC Bank are down 1-4% each on the NSE Indian stock market astrology prediction