Bank Nifty defies markets bull wagon, trades flat; SBI, ICICI Bank, IndusInd drag; AU Small top gainer

The index has touched an intraday high and low of 34,738.75 and 34,445.40 respectively.

Jul 30, 2021 02:07 IST India Infoline News Service

Even though the broader markets term is bullish, the Bank Nifty has defied the trend as investors bet cautiously in the sector. The Bank Nifty is trading on a subdued note but in red led by selloffs in heavyweight stocks. The June 2021 quarter results continue to shape the markets outlook.

At around 2.35 PM, Bank Nifty was trading at 34,658.65 down by 32.85 points or 0.09%. The index has touched an intraday high and low of 34,738.75 and 34,445.40 respectively.

SBI was the top laggard on the index plunging nearly 2% followed by ICICI Bank and IndusInd Bank diving by 1% and 0.7%  respectively. Axis Bank was marginally down.

On the other hand, AU Small Finance Bank was the top gainer soaring by 2% followed by Federal Bank surging 1.9%.

Stocks like Kotak Bank, PNB and RBL Bank jumped by more than 1% each.

Index heavyweight HDFC Bank zoomed by 0.8%. Bandhan Bank was marginally up and IDFC First Bank traded flat.

This week, banking stocks were in focus as lenders acquire a certain amount of equity ownership in IBBIC Private Limited. The equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector.

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