Bank Nifty dives 1% as IndusInd, Axis Bank, SBI drag the performance; HDFC Bank top bull

21 Jan 2022 , 03:05 PM

Banking stocks broadly traded in the red tracking bearish markets on Friday. The sector is in focus amid major Q3 earnings. Bank Nifty has dropped by more than 1% today. Heavyweights IndusInd Bank, Axis Bank and SBI were the worst hit, while HDFC Bank was the top bull. Bank Nifty traded between an intraday high and low of 37,739.45 and 37,224.25 respectively.

At around 3.01 pm, Bank Nifty was trading at 37,491.60 down by 359.25 points or 0.95%. On the index, 2 scrips advanced and 10 scrips declined.

HDFC Bank surged by 0.5% and was the top bull followed by AU Small Finance Bank trading flat.

On the downside, Federal Bank was the top bear down by 4.2% followed by RBL Bank and PNB shed by more than 3% each.

IndusInd Bank slipped 2.8%, while Axis Bank, IDFC First Bank and Bandhan Bank contracted by more than 2% each. SBI was lower by 1.7%, while ICICI Bank dipped by over 1%. Kotak Bank was marginally down.

In the latest update, the Union Cabinet has approved the payment of ex-gratia amount of Rs973.74cr about remaining claims submitted by Lending Institutions (LIs) under Scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020).