Most banking stocks continued trading in the red in afternoon trade on November 12 even as the Finance Minister Nirmala Sitharaman announced fresh stimulus measures.
Nifty Bank index was about 2 percent down around 1415 hours, with all stocks in the red. Shares of Kotak Mahindra Bank, Bank of Baroda, ICICI Bank, State Bank of India, IndusInd Bank and Axis Bank were down over 2 percent each.
FM's announcements today primarily focussed on employment generations and helping the middle-class population of the country, including farmers and workers.
The government launched credit guarantee support for 26 stressed sectors. Besides, the FM announced Atmanirbhar Bharat Rozgar Yojana will incentivise the creation of new jobs. New employees hired by EPFO-registered organisations to get benefits during the COVID-19 pandemic.
The Atmanirbhar Bharat Rozgar Yojana will be effective from October 1, 2020.
Read more: Nirmala Sitharaman Press Conference Updates
Market benchmarks Sensex and Nifty were down while FM's announcements were underway. Banks, financials and IT stocks were among the top drags.
If the indices close in the red, they will have snapped the winning streak of the last eight consecutive sessions.
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