D-Street Buzz: Nifty PSU Bank underperforms dragged by PNB; YES Bank tanks 9%, hits new 52-week low

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Indian benchmark indices are trading in the red with Nifty shedding 47 points and is trading at 11,859 while the Sensex is down 163 points and is trading at 39,593 level.

Nifty PSU Bank is the underperforming sector, down over 2 percent dragged by Punjab National Bank which is down over 4 percent followed by Union Bank of India, Bank of Baroda, Central Bank of India, Bank of India, Canara Bank and Oriental Bank of Commerce.

From the pharma space, the top losers are Aurobindo Pharma, Piramal Enterprises, Lupin, Divis Labs and Dr Reddy’s Labs.

Selective auto stocks are trading in the red with Tata Motors down close to 2 percent followed by Exide Industries, Eicher Motors, Mahindra & Mahindra, MRF and Tata Motors DVR.

The top gainers from the oil & gas space are HPCL and BPCL while ONGC and Reliance Industries are trading in the red.

India VIX is down 0.85 percent at 14.00 levels.

The top gainers from the NSE include BPCL, Asian Paints, Larsen & Toubro, NTPC and Power Grid while the top losers are YES Bank, IndusInd Bank, Vedanta, Tata Motors and Grasim Industries.

The most active stocks are YES Bank, Indiabulls Housing Finance, IndusInd Bank, TCS and Axis Bank.

160 stocks have hit 52-week low on BSE including Jet Airways, TGB Banquets, YES Bank, Manpasand Beverages, Radico Khaitan, Eros Media, Reliance Communications, Mercator, Adlabs Entertainment, Reliance Capital, Ceat, Aban Offshore, Biocon, Central Bank of India and McLeod Russel among others.

The breadth of the market favoured the declines as 407 stocks advanced and 1242 declined while 442 remained unchanged on the NSE. On the BSE, 571 stocks advanced, 1346 declined and 75 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.