HDFC was down 0.8 percent despite its AMC subsidiary filed draft red herring prospectus with the SEBI for initial public offering. ICICI Bank also declined 1.5 percent despite the company said its broking subsidiary ICICI Securities will open initial public offering worth Rs 4,017 crore for subscription next week.
The PSU Bank was biggest loser among sectoral indices, falling 0.7 percent amid banking fraud case. Punjab National Bank, the second largest public sector lender, detected another case of Letter of Undertakings (LoU) fraud worth Rs 9 crore in its Brady House branch in Mumbai, according to CNBC-TV18 quoting sources.
The state-owned bank has field complaint with Central Bureau of Investigation against Chandri Papers and Allied Products.
State Bank of India, Punjab National Bank and Bank of Baroda shares fell more than 1 percent.
The Bank Nifty has a stiff resistance at 25000 and will have an intrim support at 24540 levels.
As we said in earlier posts and in our twitter tweets,the bank Nifty is set for high swing trading due to the set backs of bank stocks and this will also influence the Nifty too.
Watch our facebook updates and twitter tweets to know the current trends in bank Nifty movements.
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