Nifty Bank Sheds 382 Pts As Bears Return, Public Banks Feel Heat

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Nifty Bank Sheds 382 Pts As Bears Return, Public Banks Feel Heat
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market indices declined on Thursday, following weak global cues as the Federal Reserve raised the interest rate by 25 bps despite the banking crisis, along with weak global cues.

Key sectoral index Nifty Bank tanked 1.11% in Thursday’s intraday trade, hitting the session’s low at 39,552.5 points and ended the day 0.96% or 382.15 points lower at 39,616.9 levels on March 23, with all constituent stocks ending in the red except one.

In a note provided to Investing.com, Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities said that the Nifty Bank bears came back strong in the second half of the session and the index witnessed selling pressure from higher levels.

“The index needs to cross the level of 40,000 on a closing basis from continuing the up move,” he said.

The Nifty Bank index is likely to trade in the range of 39000-40000, and a break on either side will decide a trending move, the expert added.

The private sector lender Bandhan Bank (NS: BANH ) was the only stock in the 12-scrip sectoral index that ended the session with gains.

On the flip side, public sector lenders SBI (NS: SBI ), Bank of Baroda (NS: BOB ) and Punjab National Bank (NS: PNBK ) led the losses on the sectoral pack, sliding up to 3%.

Further, Bank NIFTY Futures tumbled 1.2% or 481.35 points to 39,637.95 levels.

Benchmark indices Nifty50 fell 0.44% to close at 17,076.9 points and Sensex lost 289.31 points or 0.5%.

Read Also: Stock Market Today: Nifty Holds 17K, Sensex Sheds 290 Pts, Banks Exert Pressure

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