Bank Nifty loses over 400 points

Bank stocks came under the hammer with the Bank Nifty losing more than 400 points to emerge as the biggest loser among sectoral indices on the NSE today.

What probably added to the weak sentiment towards the bank stocks was the poor Q3 numbers of Bank of Baroda and the poor sentiment did not spare the private sector banks in the Bank Nifty either.

BoB was the biggest loser among the Bank Nifty stocks shedding ₹24 or 11.05 per cent to slip to ₹193.15. In fact, the stock, which opened at ₹220.70 before the results were announced, slipped to a low of ₹185.60 before pulling back.

PNB lost ₹8.10 to trade at ₹191 and Canara Bank was another big loser, down by ₹18.95 at ₹451.80. SBI moved down by ₹12.75 to ₹314.25.

HDFC Bank was a big loser among the private banks in the Bank Nifty, down by ₹17.85 to ₹1,077.15 and YES Bank was trading at ₹863.55, a loss of ₹10.70. Axis Bank, IndusInd Bank and Federal Bank shares were also down, though marginally. Only Kotak Mahindra Bank was trading in the green.

The CNX Bank Nifty was down by about 445 points and 11 of the 12 Bank Nifty stocks were trading in the red.