Banking shares crack; Bank Nifty tanks 5%
.jpg)
Banking shares continue under pressure, with the National Stock Exchange (NSE) Bank Nifty cracking over 5% or nearly 1,000 points in intra-day trade as the global markets crashed owing to concerns over economic slowdown in China, the world’s second largest economy.
Bank of India, Punjab National Bank, Canara Bank, Yes Bank, Bank of Baroda and Federal Bank are down more than 7% each.
HDFC Bank, Kotak Mahindra Bank, State Bank of India, Axis Bank, Indusind Bank and ICICI Bank are down 4%-6% each on the NSE.
At 10:55 AM, Bank Nifty was down 941 points or 5.2% at 17,116 against a 4.3% decline in the CNX Nifty. The banking index has fallen 969 points to 17,088 in intra-day trade today.
In the past one week, the Bank Nifty has plunged 9% or 1,698 points from 18,822 on August 17, compared to 6% decline in the benchmark index.
Global markets have crashed following weeks of reports regarding China’s low economic growth as its consumption story falters. This is in addition to other irritants such as Europe’s woes and a general slowdown in economies across the globe. The US rebound story too is yet incomplete.
According to Jayant Manglik, President, Retail Distribution, Religare Securities, in such markets, the Indian economy still remains a bright spot. Of course, low commodity prices are good for India but a global slowdown is not. Anyway, this is no Black Monday, it is a buying opportunity and sharp investors are looking for good openings in specific stocks. Operationally, there are no issues due to stringent margin requirements.
Our markets may well be first off the block in recovering from this fall, it is time to look for bargains in high quality stocks, he added.
Meanwhile, Oriental Bank of Commerce (down 9% at Rs 145), South Indian Bank (8% at Rs 20), ICICI Bank (6% at Rs 277), Uco Bank (6% at Rs 48), Corporation Bank (4% at Rs 48), Dena Bank (4% at Rs 42), Vijaya Bank (4% at Rs 36), Bank of Maharashtra (3% at Rs 34) and State Bank of Bikaner & Jaipur (3% at Rs 506) are trading at their 52-week low on the NSE.
Other Latest News
.webp)
For Samsung Group, this has been a year of milestones. First, a rare public apology from its flagship Samsung Electronics Co., followed by a bumper share buyback. And now, South Korea’s biggest conglomerate has named a woman that’s not member of its founding family as chief executive officer of a group company for the first time in its 86 years.
In a country where women business leaders have long struggled to make inroads into corporate boards and C-suites, the appointment of Kim Kyung-Ah as president and CEO of Samsung Bioepis Co. is a story likely to inspire the next generation of executives.
.webp)
As cyclone 'Fengal' approaches Tamil Nadu, several parts of the capital Chennai will face a five-our power cut on Wednesday and Thursday, i.e., November 27 and 28 due to the maintenance work.
The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
.webp)
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
.webp)
Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
.webp)
The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
.webp)
.webp)
.webp)
.webp)
.webp)
