Banking shares under pressure; SBI, ICICI Bank hit 52-week low

Banking shares are continue reeling under pressure with the country’s largest PSU bank State Bank of India (SBI), ICICI Bank and Bank of India hit their respective 52-week lows.

The CNX PSU Bank index, a gauge of public sector banks, hit a fresh 15-month low on the National Stock Exchange (NSE) on the back of weak macro economic data.

The Nikkei India Manufacturing Purchasing Managers’ Index fell by 52.3 in August from 52.7 in the previous month on the back of fall in the new orders. The GDP slipped to 7% in January – March quarter against 7.5% in corresponding period last year.

At 11:23 AM, the CNX PSU Bank index was down 2.1% at 2,994 compared to 0.04% fall in the CNX Nifty. The PSU bank index hit a low of 2,985, its lowest level since May 9, 2014 during intra-day trade today. Meanwhile, Bank Nifty was down 1.2% in noon deal.

Bank of India (4% at Rs 130), SBI (down 3% at Rs 232), Punjab & Sindh Bank (2% at Rs 35.85), ICICI Bank (1.5% at Rs 267) and Federal Bank (1% at Rs 58.50) have touched their respective 52-week lows on the NSE in intra-day trade.

ICICI Bank

State Bank of India

National Stock Exchange of India Ltd (NSE)