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Bloody Monday! Bank Nifty in free fall, index dips 1,280 pts; All stocks slip from 3-9%; HDFC Bank, Kotak, Axis Bank, SBI, IndusInd, ICICI Bank drag mood

All stocks listed on Bank Nifty were in a free fall with a downside ranging from 3-9%. The index has touched an intraday high and low of 35,231.10 and 34,237.50 respectively.

December 20, 2021 12:10 IST | India Infoline News Service
Banking stocks were in a hysterical selloff on Monday due to broader bearish markets as investors fear a slowdown in the global economy next year over the rapid spread of the Omicron virus variant and tighter Covid restriction.The sector weighed heavily on Indian benchmarks and pushed them off the cliff with Sensex reaching even below 55,550 and Nifty 50 tumbling under 16,550. All stocks listed on Bank Nifty were in a free fall with a downside ranging from 3-9%.

At around 11.59 am, Bank Nifty was trading at 34,338.40 lower by 1,280.25 points or 3.6%. The index has touched an intraday high and low of 35,231.10 and 34,237.50 respectively.

AU Small Finance Bank was the top bear plunging 8.6% followed by Bandhan Bank and RBL Bank dipped 6.4% and 5.9%.

Stocks like IndusInd Bank, IDFC First Bank, Federal Bank and SBI plummeted more than 4% each.

Axis Bank shed 3.8%, while PNB dropped 3.7%. HDFC Bank and Kotak Bank contracted more than 3% each. ICICI Bank fell by 2.99%.

The sector is in the news as most-awaited privatisation hopes are seen to be further delayed as reports state that the government is unlikely to table the Banking Laws (Amendment) Bill 2021 in the ongoing session of Parliament.

Last week, the Reserve Bank of India (RBI) has released statement positions of scheduled commercial banks (SCBs) in India for the latest fortnight December 03, 2021. So far, in the latest fortnight, both banks credit and deposits have witnessed a substantial rise.

Bank credit stood over Rs112.69 lakh cr as of December 03, 2021, rising from Rs111.62 lakh cr as of November 19, 2021. The latest credit data is also up from nearly Rs104.98 lakh cr as of December 04, 2020. Meanwhile, Bank deposits came in over Rs159.52 lakh cr as of December 03, 2021, against over Rs157.79 lakh cr in the previous fortnight. As of December 04, 2020, deposits were at over Rs145.83 lakh cr.

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