New Delhi, Dec. 9 -- Indian Bank, Punjab National Bank and Canara Bank were among the state-owned banks that saw some relief in Tuesday's trading session, December 9, after witnessing one of the worst sell-offs in recent times on Monday, which dragged the Nifty PSU Bank index lower by 3.40%, its second-biggest single-day crash in December, and led it to lose 8% in just nine sessions.

As of 11:30 a.m., Bank of India, Canara Bank, Punjab National Bank and Indian Bank were trading with gains of up to 1%, despite the pain in the broader market extending into a second day. However, the recent sell-off has caused most of the index constituents to correct sharply from their recent highs.

For instance, Indian Bank was down 13% from its one-year...