While banking indices witnessed a pressure in today’s trading, public sector bank UCO Bank witnessed a rise in its share in a few hours of its trading. At 10.35 am, it touched Rs 14.77 per piece.
This rise can be attributed to the decision of the Finance ministry to infuse Rs 14,500 crore mainly in the banks that are under the RBI's prompt corrective action framework in the next few days to improve their financial health.
Indian Overseas Bank (IOB), Central Bank of India (CBI) and UCO Bank are currently under this framework that puts several restrictions on them, including on lending, management compensation and directors' fees.
At 12.44 pm, shares of IOB and CBI were up by 1.46 per cent and 1.06 per cent.
Today, Asian market has been giving mixed reactions ahead of the Federal Reserve’s meeting. In the case of India, the market is trading in red. At 11.30 am, Sensex was down by 1.53 per cent or 753.16 points, at 50,050.07 points. Nifty was trading at 14,813.67 points, down by 1.40 per cent or 216 points . The pressure was mainly seen among the financial sector, especially banks.
Earlier in the day, Sensex shed around 800 points. Likewise, Nifty was down by around 220 points.
At 11.42 am, BSE Bankex was trading at 38,937.60 points. It touched a low of 38,836.69 points, few hours in trading.