Bank Nifty index down over 700 points led by Yes Bank, RBL Bank

The Bank Nifty index snapped yesterday’s rally and trading at day’s low ahead of Q2 corporate earnings announcement.

Oct 10, 2019 08:10 IST India Infoline News Service

Market Crisis
Bank Nifty was trading lower by over 700 points at 28,090.75 levels led by losses in Yes Bank, RBL Bank and IDFC First Bank. All the components in the Bank Nifty index are trading in the red.

The Bank Nifty index snapped yesterday’s rally and trading at day’s low ahead of Q2 corporate earnings announcement.

Yes Bank fell 6% and among the top contributors to the index's fall, followed by RBL Bank slipped 5% and IDFC First Bank dropped 3.5%. Bank of Baroda, PNB, ICICI Bank, SBI and Axis Bank were also down 2-3% respectively.

HDFC Bank, Kotak Mahindra Bank, Federal Bank and IndusInd Bank also down in today’s trade.

Shares of RBL Bank slipped 5% on the NSE. CARE Ratings has reaffirmed the rating of CARE AA- (Stable) for the Basel Ill Compliant Tier II Bonds programme of the bank for Rs800cr.

Shares of IndusInd Bank slipped 1% ahead of Q2 numbers.

Broad-based selling pressure was witnessed in the markets with Nifty and Sensex down 0.6% each. The Sensex was trading 284 points lower at 37,894 levels, while Nifty50 index was trading at 11,232, down 81 points.

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