Banking stocks were hit hard in early trade on Monday as the broader equity market reeled under global pressure triggered by intensifying U.S.–China trade tensions. At 9:22 AM, benchmark indices and sectoral banking indices were deep in the red, with both public and private banks witnessing sharp declines.

Private banks under pressure: Axis Bank, IndusInd Bank, ICICI slip over 2%

The private banking pack saw steep losses:

  • Axis Bank tumbled 3.80% to ₹1,049.85

  • IndusInd Bank dropped 3.33% to ₹659.30

  • ICICI Bank fell 2.15% to ₹1,306.55

  • HDFC Bank declined 2.14% to ₹1,778.50

  • Kotak Mahindra Bank sank 2.96% to ₹2,068.95

  • Federal Bank dropped 2.37% to ₹190.37

  • Yes Bank shed 4.01% to ₹16.50

  • RBL Bank plunged 4.74% to ₹167.36

  • Bandhan Bank slipped 4.63% to ₹145.96

Public sector banks collapse: PSB down 8.17%, Central Bank 6.61%, Union Bank 5.29%

Public sector banks bore the brunt of the sell-off, with steep declines across the board:

  • PSB (Punjab & Sind Bank) crashed 8.17% to ₹25.74

  • UCO Bank fell 8.02%

  • Indian Overseas Bank (IOB) declined 7.11%

  • Central Bank of India dropped 6.61%

  • Maharashtra Bank slipped 6.25%

  • Union Bank fell 5.29%

  • Canara Bank shed 4.40%

  • Bank of Baroda and Bank of India both dropped 4.70%

  • State Bank of India (SBI) slipped 3.12%, while PNB fell 3.60%

The banking index mirrored the weakness with the Bank Nifty falling 1,418.30 points or 2.75%, trading at 50,084.40.

Benchmark indices slide as global volatility spooks investors

At 9:22 AM, the Sensex was down 2,580.69 points or 3.42% at 72,784.00, while the Nifty 50 slipped 836.80 points or 3.65% to 22,067.65.

The deep cuts across banking counters reflect broader market fears triggered by worsening global cues, including China’s announcement of a 34% tariff on all U.S. imports and sustained foreign fund outflows. Investors are bracing for continued volatility with earnings season around the corner.

Disclaimer: The above views are based on official market data and public announcements. Please make any and every investment decision after consulting your financial advisor.

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