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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 .
Here are some websites that discuss Why Bank Nifty Down Today:
– https://www.financialexpress.com/market/bank-nifty-tanks-in-todays-trade-check-which-stocks-to-buy-support-resistance-range/3004523/
– https://www.financialexpress.com/market/why-bank-nifty-fell-2-today-tanked-7-in-last-three-sessions/2964284/
– https://economictimes.indiatimes.com/markets/nifty-bank/indexsummary/indexid-1913,exchange-50.cms
– https://economictimes.indiatimes.com/markets/nifty-crash
