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The consolidation is underway and downside looks capped, say analysts.

Sooner or later, there will be a political will to privatise banks, Jhunjhunwala said.

Nifty futures closed flat to negative with a loss of 0.08 per cent at 10,384.

Mutual fund houses are also positive on private sector banks rather than the public lenders.

The nature of PNB fiasco has diminished the confidence level in the bank in particular.

Most of the six members of the monetary policy committee turned hawkish at the Feb meeting.

Experts don't foresee growth coming back to the PSU bank sector in the next 2-3 quarters.

Subdued product prices are likely to weigh on the stock in the short term.