The decline for the Nifty Bank index continues the decline for yet another day as on Thursday, the index closed at around 45,700. The index also witnessed its day-low at 45,492 at the time of opening.
HDFC Bank continued to remain the top loser in bank stocks as the bank’s share prices fell by nearly 4% on Thursday, showing a steep decline for the second straight day on the stock market.
Opening at a slight decline from the previous close, HDFC share price fell by 3.55%, recorded at Rs 1,486 before the markets close for the day.
The Indian rupee ended flat at 83.12 per dollar versus previous close of 83.13 on Thursday.
The market remained bearish as at the close, the Sensex was down 313.90 points (0.44%) at 71,186.86, and the Nifty was down 109.70 points (0.51%) at 21,462.30.
On Wednesday too, the Nifty Bank Index experienced a nearly 4.28% decline to hit a five-week low of 46,064 points. The sharp fall was dragged by a drop in the stocks of India’s top private sector lender, HDFC Bank.
The Nifty Bank index tumbled 2060.65 points, or 4.28%, reaching 46,064 points.
The Indian markets saw heavy selling yesterday starting at a lower level and continued to fall throughout the day.
Bank and financial services sector stocks pulled the indices down the most which is why the Bank Nifty index was down 4.28%.
HDFC Bank fell 9% on Wednesday and continued its fall on Thursday, wiping out over Rs 1 lakh crore from its market capitalisation, amid mayhem in the broader markets.
Indian equity benchmarks, Sensex and Nifty continued to selling for the third straight session on Thursday. This was largely dragged by index heavyweight HDFC Bank, that was too down for yet another session.
The decline was riding on the back of disappointing results by the bank, which showed slow pace of growth and net interest margin concerns that spooked investors.
Yesterday, the shares of Kotak Mahindra Bank fallen 3.7% followed by IDFC First Bank, Axis Bank, Bandhan Bank, ICICI Bank, SBI, and BoB.
The same market fall trend was seen globally. Almost all other Asian, American, and European markets closed in the red.
