Nifty PSU Bank index nosedives 15% over the past year

The Nifty PSU Bank Index closed sharply lower today, dropping 2.52% to settle at 6092.55. Despite the day's setback, the index has gained 5.00% over the past month.

Leading the losses among PSU banks were Indian Bank, which fell 3.67%, Central Bank of India with a 3.53% decline, and State Bank of India, down 3.43%. Over the past year, the index has retreated 15.00%, underperforming the benchmark Nifty 50, which has dipped just 1.08% in the same period.

Sectoral indices also ended in the red, with the Nifty IT index slipping 2.19% and Nifty Pharma down 1.97%.

Across the broader markets, the Nifty 50 declined 0.61% to close at 22,399.15, while the SENSEX shed 0.51%, finishing the day at 73,847.15.