With the downgrading of the Indian banking system coinciding with SBI results that failed to impress the markets, the banking stocks came under relentless selling pressure with the country’s premier bank SBI losing 7.2 per cent of value to close at Rs 1,853.40 on the NSE today.
In fact, among the Nifty stocks, SBI was the biggest loser and the only other banking stock to figure among the top ten Nifty losers was Axis Bank that shed 3.1 per cent to end at Rs 1,105.
BPCL which lost 5.71 per cent of value to close at Rs 569, Tata Steel which lost 4.4 per cent to end at Rs 446.85, DLF which closed at Rs 232.10, a loss of 4.39 per cent, and Maruti that lost 4.03 per cent to dip to Rs 1,078.90 were among the major losers.
But even in the losing market, there were some bright spots. FMCG major HUL gained 3.3 per cent to close at Rs 393.25.
There were six other gainers — Wipro, TCS, Hero Motocorp, ITC, HDFC and Reliance Power but the gains were not very significant. That three spots were left vacant in the top ten gainers’ list only reflected the market mayhem.