Banking stocks emerged as the top underperformer of Friday's trading bell. The sector pulled benchmarks Sensex and Nifty 50 heavily. The Centre's embargo lift decision could not rescue heavyweight private banks as they impacted the sector's downside most. A trifecta cause namely rising bond yields, weak global cues and rising Covid-19 cases played a spoilsport.
At around 1.26 pm, Nifty Bank was trading at 34,897.95 down 1,651.05 points or 4.52%. The index has tumbled to an intraday low of 34,677.25.
So far in today's trading hours, Nifty 50 has skidded by 544 points, while Nifty Bank nosedived by 1,871 points. Sensex has shed over 1,848 points.
Nifty Bank was dragged by
ICICI Bank tumbling 5.1% followed by RBL Bank, Kotak Bank, Axis Bank,
IndusInd Bank and HDFC Bank plunging around 5% each.
Nearly, a 4% drop each was seen in state-owned largest lenders SBI and
Bank of Baroda.
Further,
PNB and Federal Bank slipped by 3% each. While IDFC First Bank slid 2%.
However, Bandhan Bank was the only gainer soaring by 1%.
Nifty Private Bank was trading at 18,581.65 lower by 4.52%, while Nifty PSU Bank plunged 3.60% and was performing at 2,401.45.
Private and PSU banks were in the fast lane in the previous trading session after the Centre lifted the embargo on private sector banks for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.