Sensex struggles below 26000; PSU Bank tanks 5%, BoB loses 8%

Epic Update Canara Bank

Epic Update Canara Bank

Bears kept complete control over Dalal Street in afternoon as equity benchmarks as well as broader markets were down between 1 percent and 2 percent despite mixed global cues.

The 30-share BSE Sensex was down 315.84 points or 1.21 percent at 25834.40 and the 50-share NSE Nifty declined 116.00 points or 1.44 percent to 7958.10. More than five shares slipped for every share rising on the BSE.

Deutsche Bank expects the remainder of 2016 to be highly uncertain, which will keep markets volatile with a downward bias. It cut December 2016 Sensex target to 25,000 (from 27,000 earlier).

Nifty PSU Bank fell the most among sectoral indices, down nearly 5 percent. Bank of Baroda plunged 7.5 percent and PNB was down 6.5 percent followed by OBC, SBI, Canara Bank, Union Bank, Syndicate Bank and Allahabad Bank with 3-4.5 percent losses.

Cash crunch after demonetisation hit realty stocks badly as analysts expect major impact on earnings. Nifty Realty lost over 4 percent.
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