Banking shares hit hard as markets continue to reel under pressure; BSE Bank index fell by 4.46%

From the index companies, Yes Bank and RBL Bank defied the bearish trend and closed the day with gains.

Press Trust of India March 18, 2020 13:40:16 IST
Banking shares hit hard as markets continue to reel under pressure; BSE Bank index fell by 4.46%

New Delhi: In massive market sell-off, banking shares bore the biggest brunt, tumbling up to 9 per cent and were also instrumental in dragging the BSE's key bellwether index lower.

Among frontline companies, ICICI Bank tumbled 8.95 percent, IndusInd Bank dropped 8.89 percent, HDFC 4.74 percent, Kotak Mahindra Bank 4.53 percent, Axis Bank 3.95 percent, SBI 3.74 per cent and HDFC Bank 2.38 per cent on the BSE.

Banking shares hit hard as markets continue to reel under pressure BSE Bank index fell by 446

Representational image. Reuters.

Also, Federal Bank declined 7.99 percent and City Union Bank fell by 3.02 percent.

Tracking drop in these companies, the BSE Bank index fell by 4.46 percent.

"Indian equity markets traded in the positive for the majority of the day, before falling sharply in the last hour of the session, mirroring the global markets.

Concerns over the fast spreading coronavirus across the globe will most likely continue to weigh on the markets.

In fact its impact on the economy will be felt for a longer period though the exact nature and quantum of the same is difficult to estimate at current juncture. Thus, volatility is likely to continue in near term with downward pressure on the markets," according to Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services.

From the index companies, Yes Bank and RBL Bank defied the bearish trend and closed the day with gains. Yes Bank zoomed over 58 percent after Moody's upgraded the company's ratings. RBL Bank gained 1.38 percent.

The BSE benchmark index plunged 810.98 points or 2.58 percent to close at 30,579.09.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Nirav Modi won't get fair trial in India, former SC judge Markandey Katju tells UK court
India

Nirav Modi won't get fair trial in India, former SC judge Markandey Katju tells UK court

Katju also repeatedly made comparisons between India and Germany under the Nazi regime, saying Nirav Modi has been made a convenient scapegoat for India's economic crisis

Industrial production declines 10.4% in July; capital goods, consumer durables see max contraction
Business

Industrial production declines 10.4% in July; capital goods, consumer durables see max contraction

Manufacturing sector, which constitutes 77.63 percent of the IIP, recorded a decline of 11.1 percent in July as against a growth of 4.8 percent in same month last year

Borrow more to stimulate demand, revive economy: P Chidambaram to Centre
Business

Borrow more to stimulate demand, revive economy: P Chidambaram to Centre

The senior Congress leader sought transferring cash to the poorest 50 percent of families and paying arrears of GST compensation to states