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Banking stocks slips as India starts 21-day lock-down to fight Viruas Threat

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Stock Markets open higher on Wednesday with  Reliance soaring over 6-percent , followed by Grasim, Nestle Cipla and Britannia which climbed 4 – 3 percent each,  , however, IndusInd, ITC, M&M, HeroMotoCorp and, L&T were in the red on the Nifty.

At 10.40-am, the Sensex was at 26858, up 184 points and the Nifty at 7861, up by 60 points in trade.

The Nifty Bank  and Pvt Bank indices slipped 1 percent each as selling pressure was seen in PNB, IndusIndBank, and ICICI Bank.

Nifty PSU Bank index touched lower by 2 percent led by PNB, UCO bank and Indian Bank down between 8 and 3 percent each. Get the updated stock alerts  and best Stock Tips  from the expert.

On Tuesday night, the Prime Minister Narendra  Modi addressed India calling for for a nationwide lock down starting from midnight. The lock down duration will be 21-days. Prime Minister said that the 21-day lock down has become necessary to break the chain of the COVID-19 outbreaks, adding that social distancing is the only option to combat the virus outburst.