Markets closed lower; Banking stocks underperform

Bank Nifty underperformed the Nifty index by ~0.9% with both the indices closing around the intraday lows

Mar 24, 2021 03:03 IST India Infoline News Service

Markets witnessed a volatile day of trade as the indices saw heavy selling pressure amidst a fear of additional restrictions on account of rising Covid cases.

Bank Nifty underperformed the Nifty index by ~0.9% with both the indices closing around the intraday lows. Bank Nifty saw an addition of short positions during the day.

Financial stocks like SBI, Axis Bank & ICICI Bank were among the top underperformers, closing the day ~3% lower.

Nifty Midcap index closed, ~1.9% lower.

Market breadth ended in the favour of the declines with the advance/decline ratio closing at 1:3x.

On the options front (March 25, 2021 expiry), across the board writing was seen in the call option strikes as Bank Nifty trended lower. India Vix index closed at 22.4, up ~8%.
Top 2 F&O Gainers: AARTI IND & CIPLA
Top 2 F&O Losers: TATASTEEL & IBULSHSGFIN
Nifty -265 @14,549
Bank Nifty -891 @33,292

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