Indian Bank eases for fifth straight session

Indian Bank dropped for a fifth straight session today. The stock is quoting at Rs 854.35, down 0.27% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.02% on the day, quoting at 23436.3. The Sensex is at 74782.96, up 0.03%.Indian Bank has eased around 2.43% in last one month.Meanwhile, Nifty PSU Bank index of which Indian Bank is a constituent, has eased around 2.88% in last one month and is currently quoting at 8369.2, up 0.26% on the day. The volume in the stock stood at 8.46 lakh shares today, compared to the daily average of 10.13 lakh shares in last one month.

The benchmark September futures contract for the stock is quoting at Rs 858.8, down 0.27% on the day. Indian Bank jumped 22.78% in last one year as compared to a 6.28% slide in NIFTY and a 18.58% spurt in the Nifty PSU Bank index.

The PE of the stock is 9.25 based on TTM earnings ending June 26.

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