Nifty Bank -; Financial Services remain bearish; Heavyweights ICICI Bank, Kotak Bank and HDFC Bank drag

8 Feb 2022 , 12:00 PM

Nifty Banking and Financial Services remained under pressure amid RBI meet for monetary policy. The Index also tracked overall bearish markets on Tuesday as some reports said that RBI is likely increase in reverse repo rate to keep investors on guard. 

RBI is also likely to allow some non-banking financial companies to issue credit cards but the nod will come with stringent conditions, reports added further. 

Bank of Baroda (up 1.4%) remained bullish post Q3 earnings. However, Indian Bank (down 2.5%), Union Bank of India (down 2.3%) and Bank of India (down 2%) were under pressure post Q3 earnings.

ICICI Lombard rose 3% and Cholamandlam Investment and Finance Company gained 2%. Bajaj Twins (Bajaj Finance up 2.17% and Bajaj Finserv up 1.57%) were also in the fast lane. 

Heavyweights RBL Bank, IDFC First Bank, Federal Bank, AU Bank, PNB, SBIN, Kotak Bank, IndusInd Bank, ICICI Bank, and HDFC Bank dragged the most.

The Indices were volatile on Tuesday switicng from green to red zone. At around 12.00 noon, BSE Sensex was trading at 57,538.08 down 83.11 points or 0.14% and Nifty50 at 17,182.60 down 31.00 points or 0.18%. Nifty Bank was trading at 37,716.80 down 278.65 points or 0.73% and Private Bank at 19,010.40 down 121.60 points or 0.64%. Nifty Financial Services was at 17,563.65 down 44.20 points or 0.25% . PSU Bank also shed 20.75 points or 0.69% at 2,999.20 after a bullish outing on Monday.