Bank stocks under selling pressure as Supreme Court hears plea on loan moratorium

HDFC Bank (down 1.58%), Kotak Bank (down 1.58%) and ICICI Bank (down 1.23%) underperform to emerge the biggest losers.

Dec 02, 2020 07:12 IST India Infoline News Service

Banking stocks were under selling pressure weighing on the benchmarks. The Nifty Bank Index was shaky as the Supreme Court hearing on pleas seeking extension of the loan moratorium period and waiver of interest on term loans in view of the coronavirus pandemic was underway.

The banking stocks slipped ahead of a top court hearing on loans under moratorium and were trading at 29,616.90 down 200.95 points or 0.67% (12.30 pm). The Index opened at 29,876.70 and touched a high of 29,886.25 and low of 29,550.10 on Wednesday.

HDFC Bank (down 1.58%), Kotak Bank (down 1.58%) and ICICI Bank (down 1.23%) underperformed to emerge among the biggest losers so far. Bandhan Bank also traded in the negative.

Bank of Baroda traded at 54.90 up 1.15 points or 2.14% to emerge as the major gainer in banking sector. Federal Bank, PNB, Axis Bank, State Bank of India, IndusInd Bank and RBL Bank stocks traded in the positive. 

The drag from banking stocks meant, equity benchmark indices remained bearish. At around 12.35 pm, BSE Sensex was trading at 44,558.31 down 97.13 points or 0.22% and Nifty50 at 13,098.35 down 10.70 points or 0.08%.

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