PSBs have a dominant position in corporate lending and a strong foothold in semi-urban and rural areas which offers them an edge.
The financial sector is the largest constituent of all the benchmarks with weights of 38-43% in Nifty50 and BSE-30 indices
Sensex was nosedived 1,707 points or 3.44% at 47,883, and the Nifty tanked 524 points or 3.53% at 14,310.