Bank Nifty under pressure, index slumps over 150 pts amid broad-based selloff; ICICI Bank, IndusInd, AU Small top bears

The index has hovered between an intraday high and low of 37,475.65 and 37,118.40 respectively.

Nov 25, 2021 02:11 IST India Infoline News Service

Bear Market
Banking stocks were under pressure on Thursday however the downside was at a slower pace as privatisation news take rounds. Bank Nifty witnessed a broad-based selloff with heavyweight private banks taking a massive toll. The index has hovered between an intraday high and low of 37,475.65 and 37,118.40 respectively.

At around 2.14 pm, Bank Nifty was trading at 37,289.65 lower by 152.30 points or 0.41%. On the index, 9 scrips declined and 3 scrips advanced.

On the downside, AU Small Finance Bank was the top bear down by 1.6% followed by heavyweights ICICI Bank and IndusInd Bank slipped more than 1% each.

PNB, Axis Bank, Federal Bank and RBL Bank shed between 0.5-1%. SBI was marginally down. IDFC First Bank traded flat but in red.

Bandhan Bank was the top gainer surging over 1% followed by Kotak Bank advancing 0.6%. HDFC Bank zoomed marginally.

As per reports, the government is expected to introduce a bill to take their privatisation process ahead in the Parliament's winter season.

Reports have already highlighted two banks to be shortlisted for privatisation. However, no official statement has been made.

This strategic sale is part of the government's divestment target of Rs1.75 lakh cr for the current fiscal. 

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