Bank Nifty dips 225 pts as heavyweights Kotak, IndusInd, Axis Bank, ICICI Bank drag; Nifty PSU Bank outperforms 4%

Bank Nifty index has touched an intraday high and low 32,747.70 and 32,402.70 respectively.

May 12, 2021 12:05 IST India Infoline News Service

Bull and bear
Bank Nifty was trading on a bearish note due to the selling pressure witnessed in heavyweight private bank stocks on Wednesday. However, Nifty PSU Bank outperformed not just its counterparts Bank Nifty and Nifty Private Bank but also the benchmark Nifty 50 and other sectoral indices. The broader markets term was bearish ahead of CPI Inflation and factory output data. Also, weak global cues coupled with the concern of rising inflation and surge in commodities further played a key role in swaying stock exchanges.

At around 12.13 pm, Bank Nifty is trading at 32,647.65 down by 224.55 points or 0.68%. The index has touched an intraday high and low 32,747.70 and 32,402.70 respectively.

Kotak Bank, Axis Bank and IndusInd Bank were top underperformers on the index plunging nearly 2% each. ICICI Bank dived by 1.4%, while AU Small Finance Bank and IDFC First Bank slipped by 1% and 0.5%. Bandhan Bank was marginally down.

On the positive front, PNB was the top gainer soaring by 7.6% followed by Federal Bank and RBL Bank surging by 2.2% and 1.1% respectively. SBI climbed by 0.8%.

However, heavyweight HDFC Bank traded on a flat note.

Nifty PSU Bank skyrocketed by 3.79%, while Nifty Private Bank nosedived by 0.9%.

Maintaining below 3.5 lakh active cases mark, India registered about 3,48,421 new Covid cases, however, recorded the highest Covid death count of 4,205 in the last 24 hours. The country's total tally comes at 2,33,40,938 cases along with 1,93,82,642 recoveries and a death toll of 2,54,197.

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