Analysts say there is still no visibility of earnings improvement.
Despite high exposure of public sector banks to power, iron and steel sectors, analysts remain in a wait-and-watch mode.
Sensex, Nifty end the day in red on unfavourable cues from global markets.
The performance has been a clear contrast to the movement in the first two months of 2014, when the S&P BSE PSU index massively underperformed the S&P BSE Sensex (down 0.2 per cent) by slipping nearly seven per cent.
A fall presents an opportunity to buy rate-sensitive stocks.
Laggards yet, a number of smaller PSBs in the category have balance sheets which do not give much comfort.
Laggards yet, a number of smaller PSBs in the category have balance sheets which do not give much comfort.
The market direction will be guided by corporate earnings, especially the oil & gas companies, since they were responsible for earnings disappointment in the past quarter as well.
Markets remained muted throughout the day on back of selling pressure in IT and PSU stocks.
The Nifty and Bank Nifty ended at record closing high of 7,913 and 15,865 respectively.
Investors booked profits after strong 641-point rally in the previous two sessions, brokers said.
Ends the August F&O series on a high tracking gains in RIL, HDFC and ITC.
The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
Sensex witnessed the biggest single day gain since May 2009 in absolute terms.
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