
Banking stocks slumped sharply on Monday, dragging the Bank Nifty index down more than 4 percent, as a surge in crude oil prices above $115 per barrel triggered a broad market sell-off. The sharp surge in crude intensified concerns over inflation and global risk sentiment.
At 10:02 am, the Sensex was down 2,252 points or 2.9 percent at 76,667, while the Nifty fell 692 points to 23,759. The Nifty Bank index dropped 4.2 percent to 55,351, with all 14 constituents trading in the red.
Among the biggest losers in the banking pack, State Bank of India stock fell more than 6 percent, while Union Bank of India and Canara Bank declined about 6 percent each. Punjab National Bank shares dropped around 5.4 percent, and Federal Bank slipped over 5 percent.
Private sector lenders also saw sharp declines. Axis Bank stock fell nearly 3.9 percent, while ICICI Bank dropped about 3.6 percent, HDFC Bank declined around 3.4 percent, and Kotak Mahindra Bank slipped close to 3 percent. Mid-tier lenders such as IDFC First Bank and IndusInd Bank also traded significantly lower.
The steep decline has pushed the Bank Nifty deeper towards the correction territory, with the index now down about 8.7 percent over the past one month.
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