Markets close lower; Banking stocks underperformed

Bank Nifty underperformed the Nifty index by ~1.5%.

Apr 12, 2021 03:04 IST India Infoline News Service

Broker stock market crash
Markets witnessed a volatile day of trade as across the board selling frenzy weighed in.

Bank Nifty underperformed the Nifty index by ~1.5% for the third consecutive trading session with both the indices closing with a deep cut of ~5%/3.5%.  

The major heavyweights like Reliance, SBI, HDFC Bank, Axis Bank & ICICI Bank contributed majority of the index loses.

Nifty Midcap index closed, ~5.5% lower.

Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:9x. Bank Nifty added fresh short positions during the day.

On the options front (April 15, 2021 expiry), across the board writing was seen in the call option strikes as Bank Nifty trended lower. India Vix index closed at 22.9, up ~16%.
Top 2 F&O Losers: ZEEL & BHEL
Nifty -480 @14,355
Bank Nifty -1522 @30,926

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