Nifty Bank -; Financial Services shed over 3% amid Thursday's bloodbath; PSU Bank stocks plunge 5%

24 Feb 2022 , 12:10 PM

Nifty Banking and Financial Services stocks were amongst the top sufferers in Thursday’s bloodbath, tracking weak global cues amid the mounting Russia-Ukraine crisis. All the stocks in Nifty Bank and Financial Services were trading in the deep red also PSU Bank stocks plunged 5%. 

RBL Bank, Punjab National Bank, and IDFC First Bank plunged around 7%. IndusInd Bank, Bandhan Bank, AU Bank, and Federal Bank were also under selling pressure.

Mahindra & Mahindra Finance and HDFC AMC were the worst sufferers among the Financial Services stocks. Union Bank, Jammu & Kashmir Bank, and Canara Bank crashed 5% in the PSU Bank sector.

Indian equity benchmarks Sensex and Nifty50 were bearish as investors globally assessed news flow on the Russia-Ukraine crisis. All sectors were in the red in morning deals. Broader markets also bore the brunt of the sell-off ahead of the expiry of monthly futures & options (F&O) contracts due by the end of the session.

Ata round 12.10 pm, BSE Sensex was trading at 55,615.22 down 1616.84 points or 2.83% and Nifty50 at16,570.95 down 492.30 points or 2.89%. Nifty Bank was trading at 36,101.30 down 1,290.75 points or 3.45% and Private Bank at 18,258.05 down 706.65 points or 3.73%. Nifty PSU Bank also plunged 5% at 2,636.50 and Financial Services was at 16,930.20 -down 498.55 points or 2.86%.

RBL Bank was the worst hit at Rs127.85 per piece, down 8%. Punjab National Bank shed 7.1% at Rs34.70 per piece. IDFC First Bank was also nearly 7% on the downside at Rs40.30 per piece. IndusInd Bank weighed down 6.1% at Rs892.50 per piece. Bandhan Bank (down 6%), AU Bank (down 5.65%) and Federal Bank (down 5%) were also under selling pressure.

Mahindra & Mahindra Finance (down 5.2%) and HDFC AMC (down 5%) were the worst sufferers among the Financial Services stocks. Jammu & Kashmir Bank (down 6.4%) and Canara Bank (down 6%) were under heavy pressure in the PSU Bank sector.