Nifty Bank -; Financial Services shed over 3% amid weak markets; PSU Bank stocks tank ~4%

14 Feb 2022 , 12:10 PM

Nifty Bank and Financial Services were under heavy pressure, track weak markets on Monday. Federal Bank tanked 4.5%, Punjab National Bank, IDFC First Bank and State Bank of India also dragged the most as all the stocks traded in the red. ICICI Bank and HDFC Bank were also under selling pressure.

Indian stock markets tumbled today amid a selloff in global equities as investors globally fretted over escalating tensions between Russia and the West over Ukraine.

The Sensex fell over 1500 points at day’s low while the Nifty tumbled below 17,000.

At around 12.10 pm, BSE Sensex was trading at 56,964.90 down 1188.02 points or 2.04% and Nifty50 at 17,013.80 down 360.95 points or 2.08%.

Nifty Bank was trading at 37,332.85 down 1,184.40 points or 3.07% and Financial Services at 17,255.75 down 547.25 points or 3.07%. PSU Bank stocks tumbled 3.8% at 2,851.40 and Private Bank stocks at 18,894.95 down 579.20 points or 2.97%.

Federal Bank shed 4.7% while PNB was also nearly 4% under pressure. IDFC First Bank and State Bank of India were 3.77% and 3.71% lower
respectively. ICICI Bank was also 3.5% on the downside. IndusInd Bank (down 3.24%), Kotak Bank (down 2.92%), Axis Bank (down 2.7%) and
HDFC Bank (down 2.4%) were also under selling pressure.

HDFC Life dragged 5.6% while Piramal Enterprises and ICICI Lombard also were 4.5% and 4% down respectively. Bajaj twins Bajaj Finserv and
Bajaj Finance also dragged around 2%.

Among the PSU Bank’s J7K Bank was 6% on the downside while Union Bank of India and Bank of Baroda dragged 4.3% and 3.9% respectively.