PNB, Union Bank nos fail to lift depressed Nifty
While Public sector banks Punjab National Bank and Union Bank of India announced better-than expected third quarter results, private sector biggie ICICI Bank's numbers were inline with the expectations. This failed to de-stress markets.
Bank Nifty recovered from low point of the day to trade marginally down after public sector banks showed improvement in asset quality; although they reported average growth numbers. While public sector banks Punjab National Bank (PNB) and Union Bank of India announced better-than expected third quarter results, private sector biggie ICICI Bank's numbers were inline with the expectations.
However, this failed to de-stress markets which were trading quiet since morning. PNB was trading with 6 percent gains, Union Bank showed 5 percent upside and ICICI Bank failed to recover from morning lows. It was quoting at Rs 1,203.65, down Rs 10.60, or 0.87%. ICICI Bank had run opver 40 percent in one year, and today's numbers, void of positive surprise, failed to impress investors.
At 13.09 PM, the Sensex was trading lower 79.57 points at 19925.43, and the Nifty was down 14.20 points at 6041.55.
Following the footsteps of its public sector counterparts, Bank of Baroda rose 2.6 percent.
Among the individual stocks which were trading above 2 percent were, Oil India and IOC (appreciated over 2 percent), Wockhardt (2.74 percent), NHPC (2.51 percent), BHEL 2.66 percent, Asian Paints (2 percent) and Jet Airways (2.4 percent).