In a market that is facing a lot of negatives mirroring the global market sell-off, Nifty Bank is the worst hit, with decline of as much as 6.52%.
The biggest contributors for the fall in Nifty Bank include stocks like IndusInd Bank which fell as much as 17%. Other contributors to the decline in the index include IDFC First Bank, HDFC Bank, ICICI Bank, SBI, Axis Bank and Kotak Mahindra. Nonetheless, Yes Bank with a jump of 50% has stood as the positive contributor.
Also, the index has been impacted on reports that RBI will hold a press conference today at 4 pm. There are hopes of a rate cut to boost the ailing economy hit by the coronavirus pandemic. Additionally, there are expectations that forebearance can be announced for banks and NBFCs.
Some of the announcement can be made in respect of the Yes Bank after its revival plan led by SBI Bank now comes into effect.
Other indices that are performing weak include Nifty Financial Services (down 6.24%), Nifty IT (down 5.41%), Nifty Metal (down 6.01%), Nifty Private Bank (down 6.86%)