Bank Nifty gives up early gains, index slips 177 pts; Axis Bank, IndusInd, SBI, HDFC Bank top laggards

The index underperforms benchmark Nifty 50.

Apr 08, 2021 03:04 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Bank Nifty gives up 33,000-mark and was trading on a lower note just a few minutes before Thursday's closing bell. Heavyweight stocks such as HDFC Bank, SBI, IndusInd Bank and Axis Bank witnessed selloff, dragging the index down. The index also underperformed benchmark Nifty 50.

At around 3.01 pm, Bank Nifty was trading at 32,813.85 up by 177.35 points or 0.54%. The index touched an intraday high of 33,306.80 during the early trading session, however, the index stretched its downside and has touched the day's low of 32,704.75.c

RBL Bank and Federal Bank were top underperformers tumbling by 1.4% and 1.2% on the index.

However, heavyweights such as Axis Bank, IndusInd Bank, SBI and HDFC Bank plunged by nearly 1% each.

IDFC First Bank slipped by 0.5%, while Kotak Bank, ICICI Bank and PNB tumbled marginally.

On the contrary, AU Small Finance Bank and Bandhan Bank were top gainers soaring by 1.5% and 1.6% respectively.

The Monetary Policy Committee (MPC) unanimously voted to keep the policy repo rate unchanged at 4% in the first bi-monthly monetary policy for fiscal year FY22. Further, the six-member committee also decided to maintain an accommodative stance.

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