Nifty Bank on a losing streak

With Bank of Baroda leading the losses, Nifty Bank was trading lower by 0.74% at the 24,197.70 level on the NSE at 0940 hours during Tuesday’s trading session. The major benchmark indices, Nifty 50 and Sensex, also opened in the negative territory. Nifty was trading down by 52 points at 9,860 and Sensex was trading lower by 168 points at 31,582.
 
Bank of Baroda was the top loser in the index, trading lower by nearly 2% at Rs 2.80 per share. Federal Bank was trading down by 1.50% at Rs 108 per share. PNB was also trading lower by 1.48% at Rs 142 per share and IDFC Bank plunged by 1.07% at Rs 55 per share. 
 
Among others, Yes Bank and Kotak Bank were trading lower by nearly 1% at Rs 1,736 per share and Rs 966 per share, respectively. SBI and HDFC were trading lower by 0.79%.  IndusInd Bank was trading lower by 0.45% at Rs 1,653 per share.
 
Index heavyweight, HDFC Bank was dragging down the Bank Nifty in the morning hours on Tuesday. The August futures contracts of Bank Nifty were trading at a discount of around 40 points ahead of expiry. The rollover data in the futures contract as of August 28 stood at 26.82% as compared to 29.16% in the previous derivatives contract series.