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Why Bank Nifty Down Today
Bank Nifty and Nifty PSU Bank fell in trade on Friday, following Wall Street cues. The fall was sentiment-led due to developments at RBL Bank and heavy selling of bank shares by foreign institutional investors (FIIs). The US equity market trends also impacted domestic equity markets. Rising COVID-19 cases pose a serious threat to the economy, which may lead to a surge in NPA and impact employment levels, self-employed, and businesses .
The index fell over 2% intraday, triggered by the red flags raised by the US short-seller on Adani group’s debt. The shares of the IndusInd Bank lead losses, falling over 1%, dragging the banking index lower but towards the end, majority of Bank Nifty constituents concluded in green .
Benchmark indices Sensex and Nifty retreated from record levels and closed lower in a volatile trade on Thursday due to profit-taking in financials, IT and oil shares after a two-day rally and negative trends in the US and European markets .
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