Banking

Nifty Bank dips 100 pts; PSU Banks halts winning streak; Heavyweight Kotak Bank, ICICI Bank takes a toll

Read more at www.indiainfoline.com

Banking stocks were in a volatile session on the last day of this week’s trading session with PSU banks pulling back from record-high gains and heavyweight private lenders dragging the sectoral indices. Investors were broadly cautious in the sector amid Q3 result announcements, Covid-19 vaccine rollout and weak benchmarks.

At around 12.51 pm, Nifty Bank was trading at 32,416.20 down 103.55 points or 0.32%. The index has dipped to an intraday low of 32,088.75.

Nifty PSU Bank was down nearly 1% at 1,964.15. While Nifty Private Bank traded at 17,736.95 below 0.25%. PSU Banks have rallied to record highs earlier this week.

On Nifty Bank – heavyweights Kotak Bank and ICICI Bank dragged the index by tumbling over 1.3%. PNB added nearly 1% downside.

Stocks like Bank of Baroda, HDFC Bank, Bandhan Bank and SBI tumbled marginally.

HDFC Bank is set to announce its financial performance for December 2020 (Q3FY21) quarter tomorrow.

On the positive front – IDFC First Bank took lead surging nearly 5% followed by a 2% gain from RBL Bank. Meanwhile, Axis Bank and IndusInd Bank gained nearly 1% each. 

Read more at www.indiainfoline.com

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