Markets witnessed huge bouts of volatility last week owing to uncertainty as who would form the government in Karnataka. Indias volatility index (India VIX) was up 1.2 percent last week. Rising crude oil prices, US-China trade negotiations and rupee depreciation against the dollar also played spoilsport. Brent crude is hovering around $80 a barrel owing to geopolitical tensions and instability in the Middle East.
Shares of public sector banks (PSBs) are trading lower for the fourth straight trading day with Nifty PSU Bank index hitting fresh 52-week lows on Friday. Punjab National Bank, the biggest loser, tanked 62 percent from its four-month high of Rs 197 per share to close at Rs 74.75 per share. It had posted a record net loss of Rs 13,400 crore in Q4 FY18 as against a net profit of Rs 262 crore year-on-year.
Shares of Bank of Baroda (BoB) fell to Rs 126, touching its lowest level since February 15, 2016. The stock plunged 30 percent from its four-month high of Rs 180 recorded on January 24. State Bank of India (SBI) and BoB will declare its March quarter result on Tuesday and Friday, respectively.