Banks under pressure as traders book profits
Financial stocks led declines Monday with the BSE Bankex tumbling more than 4 per cent as investors locked in strong gains made in last week’s rally.
By ET Bureau |
MUMBAI: Financial stocks led declines Monday with the BSE Bankex tumbling more than 4 per cent as investors locked in strong gains made in last week���s rally. The BSE Bankex posted more than 15 per cent rise in the last two weeks��� of trade.
At 10:45 am, the sectoral index eased some losses given the recovery across the market but was still trading down 3.32 per cent.
Biggest losers in the banking space comprised Yes Bank, down 5.97 per cent and index heavyweight ICICI Bank down 5.85 per cent. Kotak Bank (-5.68%), Punjab National Bank (-5%), Indian Overseas Bank (-3.97%) and Axis Bank (-3.8%) were also under pressure.
At 10:45 am, the sectoral index eased some losses given the recovery across the market but was still trading down 3.32 per cent.
Biggest losers in the banking space comprised Yes Bank, down 5.97 per cent and index heavyweight ICICI Bank down 5.85 per cent. Kotak Bank (-5.68%), Punjab National Bank (-5%), Indian Overseas Bank (-3.97%) and Axis Bank (-3.8%) were also under pressure.
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