Shares of PSU Bank index were trading under pressure in the morning session on Thursday with all the components in the red. The PSU Bank index fell 2% to 3,032 on the NSE amid heavy selling pressure witnessed in Jammu & Kashmir Bank, Punjab National Bank, Union Bank and Central Bank.
J&K Bank and PNB slumped 5% on the NSE, followed by Bank of India which slipped 3%, Canara Bank, Bank of Baroda, Allahabad Bank and Indian Bank dropped 2% each.
Shares of Syndicate Bank slipped 1%, while SBI is trading slightly lower in the banking index.
Meanwhile, equity benchmark indices extended losses with Nifty slipping below the 11,850 marks. The Sensex declined 174 points at 39,583 levels. The Nifty dropped 46 points to trade at 11,859 levels.
The rupee opened lower 4 paise to 69.38/$ amid strengthening of the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.