Indian Markets Remain Weak on Monday, PNB Touches 52-week low
Indian markets remained in the red for most of the day on Monday. Markets don’t have any major trigger but Indian indices are trading near their all-time high. Majority of Index Stocks have declared positive quarterly performance. Market participants are expecting better performance from companies in mid-cap sector as well.
In today’s trading session, banking stocks were trading low with major Public Sector banks dragging down indices. Punjab National Bank touched 52-week low. Many PSU banks have reported high provisions for bad loans and their results haven’t been able to impress the markets.
NSE Nifty closed 67 points lower while BSE Sensex closed 202 points lower compared to Friday’s close. Among top gainers in today’s session were Titan Company, Nestle, TCS, Vedanta and Kotak Mahindra Bank.
Among major losers in today’s trade were YES Bank, Coal India, GAIL, Cipla and ONGC. Markets are expected to remain range-bound on Tuesday.