Key indices opened marginally higher in the opening trade on Monday, but quickly turned negative zone, with BSE Sensex falling more than 100 points and NSE Nifty below 10,450.
PSU bank stocks continued to trade lower in the second week after PNB disclosed a Rs. 11,400 crore fraud wearing away about Rs. 9,000 crore in market cap in three days. The stock of Gitanjali Gems also plunged about 10 percent in the morning.
Shares Bank of Baroda, Syndicate Bank, Indian Bank, SBI, IDBI Bank, Bank of India, PNB, Union Bank of India, Canara Bank, Allahabad Bank and Uco Bank were also down in banking stocks.
Shares of Tata Steel Limited fell over 4 percent followed by a drop in shares of Adani Ports, Mahindra and Mahindra, Hindustan Unilever and L&T.
Bench mark Nifty50 was trading down 39.70 points to 10,412.60 while BSE Sensex down by 211.46 point to 33,889.
Nifty Gainers & Losers: Infratel (+1.11%), Vedanta (+0.86%) Ambuja (+0.70%), GAIL (+0.68%) and UltraTech Cement (+0.52%), were the top gainers on Nifty50.
Tata Steel (-4.24%), Indiabulls (-1.94%) Zee (-1.97%), Bharti Airtel (-1.76%), and Tech Mahindra (-1.75%) were the top losers in today’s trade, at the time of this writing.