Bank Nifty dives by 286 points as heavyweights Kotak Bank, HDFC Bank, Axis Bank weigh down

The index has touched an intraday high and low of 33,154.30 and 32,611.70 respectively.

May 11, 2021 02:05 IST India Infoline News Service

Banking stocks were trading on a lower note as inflation risk fuels sentiments on a broader markets term during Tuesday's trading session. Asian markets were in a sharp selloff with Hong Kong, Japan and Indian shares underperforming most. The counterparts tracked Wall Street which nosedived due to technology stocks as surging commodity prices stoked concern about inflation.

At around 3.55 pm, Bank Nifty was trading at 32,856.15 lower by 286.25 points or 0.86%. The index has touched an intraday high and low of 33,154.30 and 32,611.70 respectively.

Heavyweight Kotak Bank was the top laggard tumbling by nearly 3%, while HDFC Bank and Axis Bank slipped by 1.3% and 1.2% further dragging the index. ICICI Bank dived by 0.6% also weighed down.

PNB and Bandhan Bank dropped by nearly 2% each. RBL Bank dipped by 0.8%.

On the positive front, Federal Bank was the top gainer soaring by 3% followed by AU Small Finance Bank surging 2.6%. IDFC First Bank jumped by 1.5%. SBI climbed by 0.8%. IndusInd Bank was marginally up.

3,29,942 new cases were registered in the last 24 hours. Karnataka has reported the highest daily new cases at 39,305. It is followed by Maharashtra with 37,236 while Tamil Nadu reported 28,978 new cases. On the contrary, 3,56,082 recoveries were registered in the last 24 hours.

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