By Malvika Gurung
Investing.com -- The domestic market tracked weakness across global markets and traded in red on Thursday, following a third consecutive 75 basis point rate hike on Sept 21 by the Fed and a hawkish outlook on bigger and faster rate cuts to tame the soaring inflation.
Among the sectoral indices listed under the Nifty umbrella, Nifty Private Bank tanked the most, down 1.42%, followed closely by Nifty Bank, falling 1.39%.
Of the 12 stocks listed on the Nifty Bank index, 10 ended the session in the red, led by the largest private sector lender HDFC Bank (NS: HDBK ).
The public sector lending scrip Punjab National Bank (NS: PNBK ) was the top performer on Nifty Bank, surging 2% in the day and ending 1% higher on raising Rs 658 crore through Basel III compliant additional Tier-1 bonds.
“The Bank Nifty index witnessed selling pressure at higher levels and remains in a sell-on-rise mode as long as it stays below the level of 42,000. Its immediate downside support stands at 40,500 and a breach below this will open gates for further downside toward the 39,000 level. The index is trading in a tight range between 40,000-42,000 and a break on either side will give a directional move to the index,” stated Kunal Shah of LKP Securities.
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