Nifty Bank sheds over 500 points; PSU Bank Index drops 3%; IndusInd Bank surges 5% post Q2 earnings

Bandhan Bank was also 2% higher; Punjab National Bank sank 10% post Q2 earnings, to drag the most.

Oct 28, 2021 12:10 IST India Infoline News Service

Businessman protect his piggy bank from bear market
Nifty Bank was under pressure on Thursday amid bearish markets, tracking weak global cues and ahead of F&O expiry. The Index ended a four-day record-breaking spree on Wednesday by falling into the negative zone and continued to fall on Thursday. PSU Bank stocks down 3%, were the worst sufferers.

Many stocks have witnessed corrections and investors keep watching the quarterly earnings. IndusInd Bank rose on Q2 earnings while Bandhan Bank was the only other banking stock to trade with positive bias. State-owned Punjab National Bank sank 10% post Q2 earnings.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the negative territory on Thursday, a day of F&O expiry. At around 12.00 noon, BSE Sensex was trading at 60,745.94 down 397.39 points or 0.65% and Nifty50 at 18,080.35 down 130.60 points or 0.72%.

Nifty Bank was trading at 40,368.90 down 505.45 points 1.24%, touching a high of 40,931.05 and low of 40,032.95 during intraday trade on Thursday. Nifty PSU Bank was trading at 2,851.50 down 86.70 points or 2.95%. Nifty Private Bank at 20,933.35 down 145.95 points or 0.69%.

IndusInd Bank surged 5% at Rs1,200.05 per piece. Net profit of IndusInd Bank rose 72.94% to Rs1146.73cr in the quarter ended September 2021 as against Rs663.08cr during the previous quarter ended September 2020. Total Operating Income rose 6.59% to Rs7650.36cr in the quarter ended September 2021 as against Rs7177.21cr during the previous quarter ended September 2020.

Bandhan Bank kept the winning streak on at Rs302.30 per piece, up 2%. 

PNB sank ~10% on Thursday at Rs41.80 per piece. The company on Wednesday reported a 78% increase in net profit at Rs1,105cr for the second quarter ended September 30. The bank's total income during the July-September quarter rose to Rs21,262.32cr as against Rs23,279.79cr in the corresponding period last year.

IDFC First Bank, Kotak Bnak, ICICI Bank, also struggled the most on Thursday. 

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