Banking stocks extended losses during the second half of Monday's trading session with majority stocks witnessing huge selloff except for heavyweight HDFC Bank. The sector is in focus today after the Reserve Bank of India (RBI) data revealed that scheduled commercial banks (SCBs) credit grew by 3.2% to Rs107.05 lakh cr in the first nine months of FY21.
On the other side, bank deposits increased by 8.5% to Rs147.27 lakh cr during April - December 2020 period.
At around 3.07 pm, Nifty Bank was trading at 31,906.30 down by 340.50 points or 1.06%. The index plunged to an intraday low of 31,809.25.
On the index - Bandhan Bank, IDFC First Bank and RBL Bank took lead as top underperformers tumbling over 3% each.
However, heavyweights SBI and IndusInd Bank weighed on the index more by plunging nearly 3% each. Axis Bank and Federal Bank dived by over 2% each.
Meanwhile, stocks like PNB, Kotak Bank, ICICI Bank and Bank of Baroda dropped between 1-2%.
However, HDFC Bank was the only gainer on the index surging by over 1.2% after the lender beats expectations in its financial performance for the quarter ended December 2020.
HDFC Bank earned a profit of Rs8,758.3cr in Q3FY21, rising by 18.1% yoy. The bank recorded a 15.1% yoy growth in net interest income (NII) to Rs16,317.6cr driven by advances growth of 15.6% and a core net interest margin for the quarter of 4.2%.
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