Bank stocks slip into the red

With almost all the bank stocks in the negative, Nifty PSU Bank was trading in a bearish mood, down by over 1% intraday in Tuesday’s trading session. It was trading lower by 0.81% at the 3,219.55 level on the NSE at 1000 hours.
 
Union Bank and Bank of Baroda were the top losers in the index. Union Bank was trading lower by 2.14% at Rs 128 per share. Bank of Baroda was trading down by 2.11% at Rs 139 per share. Among others, Bank of India was trading lower by 0.90% at Rs 138 per share, IDBI dipped by 0.74% at Rs 53 per share, PNB was trading lower by 0.73% at Rs 136 per share, SBI was dipped by 0.67% at Rs 272 per share, and Syndicate Bank was down by 0.63% at Rs 62 per share.
 
Meanwhile, to protest against consolidation plans, bank unions are on an all-India strike today. As such, services at the public sector banks are expected to be hit.