Banking stocks decline; SBI down over 2%, top drag on Bank Nifty index

By: | Published: September 17, 2018 11:44 AM

The Bank Nifty index was down 1.38% during mid-day trade with State Bank of India (down 2.17% at the time of reporting) being the top drag on the index.

bank nifty, banking stocksBanking stocks decline; SBI down over 2%, top drag on Bank Nifty index.

Banking stocks took a hit on Monday, with shares of SBI, ICICI Bank, Axis Bank, HDFC Bank, Yes Bank all trading with losses of up to 2% during mid-morning deals. The Bank Nifty index was down 1.38% during mid-day trade, with State Bank of India (down 2.17% at the time of reporting) being the top drag on the index.

SBI was followed by shares of Bank of Baroda (down 2.12%), ICICI Bank (down 1.84%), Axis Bank (down 1.67%), RBL Bank (down 1.66%), HDFC Bank (down 1.63%), IDFC Bank (down 1.56%), Yes Bank (down 1.50%) and Punjab National Bank (down 1.09%). The Nifty PSU Bank index, too, was trading lower by 1.91% at 3,036.95 points. The Nifty private bank index was down 1.35%.

Also read: Rupee back at 72 vs US dollar, plunges 82 paise in early trade

On Monday, the domestic stock market opened in the negative territory tracking lower Asian markets and weakness in the rupee. In mid-morning trade, the benchmark Sensex index fell 472 points to hit an intra-day low of  37,618.02 points, while the NSE Nifty slipped below the 11,400-mark to an intra-day low of 11,373.90 points.

The rupee depreciated nearly 82 paise to a low of 72.67 against the US dollar in early trade on Monday amid reports that the US could announce a new round of tariffs on Chinese imports later in the day, said a PTI report.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition