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Nifty below 15,700; PSU bank stocks tumble

Published on Jun 13, 2022 14:23

The key equity indices tumbled further and traded with steep losses in mid-afternoon trade. The Nifty traded below 15,700 mark. PSU banks extended their decline for third consecutive session.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 1754.3 points or 3.23% to 52,549.14. The Nifty 50 index tumbled 505.15 points or 3.12% to 15,696.65.

The broader market tumbled, the S&P BSE Mid-Cap index fell 2.95% while the S&P BSE Small-Cap index declined 3.17%.

Sellers outnumbered buyers, on the BSE, 566 shares rose and 2,864 shares fell. A total of 120 shares were unchanged.

Global cues were weak as investors shunned risky assets on worries that aggressive interest rate hikes by global central banks would stifle economic growth. On Friday, US government data showed inflation reached 8.6% in the 12 months ended in May, the steepest rise in consumer prices since December 1981.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.606% as compared with 7.519% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 78.0725, compared with its close of 77.9300 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement fell 0.83% to Rs 51,270.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.45% to 104.62.

In the commodities market, Brent crude for August 2022 settlement fell $1.95 or 1.60% at $120.06 a barrel.

Buzzing Index:

The Nifty PSU Bank index slumped 4.22% to 2,456.55. The index has declined 4.97% in three sessions.

Canara Bank (down 5.58%), Bank of Baroda (down 5.19%), Punjab & Sind Bank (down 4.01%), State Bank of India (down 3.59%) and Bank of India (down 3.36%) declined.

Among the other losers were Indian Bank (down 2.97%), Punjab National Bank (down 2.75%), Central Bank of India (down 2.51%), Union Bank of India (down 2.42%) and Bank of Maharashtra (down 2.4%).

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