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.
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%.
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.