Bank Nifty sheds 1,340 pts on broad-based selloff; HDFC Bank, Kotak, IndusInd, SBI weigh down

The sector also tracked a broader bearish market tone caused due to rapid rising in Covid infections across India.

Apr 19, 2021 12:04 IST India Infoline News Service

Stock Market Down, Sensex Down
A broad-based selloff was recorded in Bank Nifty with heavyweights such as HDFC Bank, IndusInd, ICICI Bank, SBI and Kotak Bank weighing down the most. The sector also tracked a broader bearish market tone caused due to rapid rising in Covid infections across India. Notably, the corporate earnings season also plays a role in market sentiments.

At around 12.53 pm, Bank Nifty was trading at 30,640.85 lower by 1,336.60 points or 4.18%. The index has tumbled to an intraday low of 30,405.65.

In percentage terms, RBL Bank was the top underperformer tumbling by 7.2% followed by AU Small Finance Bank slipping by 6.7%.

IDFC First Bank and Bandhan Bank dived by over 6% each. Meanwhile, Federal Bank and PNB plummetted by 5.9% and 5.6%.

However, major lenders like IndusInd Bank and Axis Bank slumped by 5.5% each. While largest lender SBI nosedived by 4.7%. Nearly, 4% drop each was seen in ICICI Bank and Kotak Bank.

Also, heavyweight HDFC Bank dipped by nearly 3%  despite reporting double-digit growth in both bottom-line and top-line front for the quarter ending March 2021 (Q4FY21) period. In the fourth quarter of FY21, the bank reported an 18.2% yoy rise in net profit to Rs8,186.51cr, while Net Interest Income was at Rs17,120.2cr up 12.6% yoy.

Related Story

Open Free Demat Account (Rs699)