Bank Nifty Plunges 2.5% Below 54,000, PSU Banks Drive Decline; Is Sector Oversold?

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Bank Nifty Plunges 2.5% Below 54,000; PSU Banks Lead Losses Amid Mideast Tensions

Bank Nifty Plunges 2.5% Below 54,000; PSU Banks Lead Losses Amid Mideast Tensions

M

Moneycontrol•13-03-2026, 16:50

Bank Nifty Plunges 2.5% Below 54,000; PSU Banks Lead Losses Amid Mideast Tensions

•Bank Nifty crashed 2.5% to trade near 53,800 on March 13, with all sectoral index constituents closing in the red.
•PSU banks like Union Bank of India, Punjab National Bank, Canara Bank, and State Bank of India led losses, declining 3.6%-4.5%.
•Escalating Middle East tensions and rising Brent crude prices (around $100) fuel fears of higher borrowing costs and bond yields.
•The Indian rupee fell to a lifetime low of 92.39 per dollar, though RBI intervention limited further decline compared to peers.
•Technical indicators like RSI (26.71) and trading below 10-DEMA suggest oversold conditions and a prevailing bearish undertone.

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