Stock Market update: Bank stocks Kotak, HDFC, Axis slip into red zone after three-day rally

The majority of banking stocks trading on a bearish note scrapping their previous record highs.

The market sentiments on Thursday changed as major indices in Nifty Bank Index traded in the red. The investors put their sentiments on hold towards the market tracking weak global cues and also, due to the rapid increase of the Omicron variant, the global economic outlook remains wrapped in uncertainty with a flurry from multiple fronts.

The Bank Nifty Index was under pressure today with the majority of stocks trading in the red zone and scrapping its previous record highs. However, the banks record a sharp fall after the three-day rally at Dalal Street.

At around 10:45 AM, Bank Nifty was trading at 37,204.05 down by 491.85 points. The Bank Index plummeted to an intra-day session low at 37,058.45 while BSE Sensex again fragmented at 60k and Nifty struggles to hold at 17,700.

The 12 shares Nifty Bank Index plunged its 3-month low after tumbling over 1.30 per cent. Likewise, in the Nifty Bank Index, all the 12 components traded with a cut of between 1-2 % with the Kotak Mahindra Bank seeing the most fall by over 2 per cent at the time of writing this report.

However, other banks which took the fall were HDFC Bank(down 1.82 per cent) and Axis Bank (down by 0.58 per cent) Bandhan Bank (down by 2.03 per cent). However, the only private sector lender which absorbed the market crash was RBL Bank. The Bank’s shares were trading at 0.3 per cent higher trading at Rs 141.25 on BSE Sensex at 9:24 AM. The gain comes after two days of consecutive falls.

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