The trading week and the trading session has got off to rocky start on Monday, August 5, as the Indian indices opened with deep cuts.
This red wave has hit all the major sector, but primarily the fundamental backbone of the business world, the banking sector. The banking stocks of major lenders in the country are trading low. The Nifty Bank index, as a result of this debacle, has drowned in a sea of red.
The biggest public-owned bank in the country, SBI, lost over 2.40 per cent in the early hours of the day's trade. The bank shares dropped to Rs 827.50 per share.
The biggest bank in the country, in terms of market cap, HDFC Bank, also dropped by 1.59 per cent or Rs 26.45, dropping to Rs 1,632.70 per share.
Another private bank, Axis Bank, also lost its value in the intraday trade. The Mumbai-based bank's share price dropped by a massive 2.00 per cent or Rs 23.25, slumping to Rs 1,137.60 a share.
One of the private lenders in the country, ICICI Bank, also saw its shares drop significantly. ICICI lost 1.56 per cent or Rs 18.70, dropping to Rs 1,177.85 per share.
Another major public sector bank, Bank of Maharashtra, which is said to be the most consistent bank in terms of growth, also saw a dip in its value. The BoB shares dragged at 2.76 per cent or Rs 1.81, slipping to Rs 63.70 per share.
When it comes to the Nifty Bank itself, the marquee banking index lost 1.76 per cent or 903.80 points, falling to 50,446.35 points in the first hour of the day's trade.
This development, according to many, is being suggested to be part of a larger global sell-off that has travelled from across the Atlantic and previously affected the US markets. In addition to this, other major Asian indices, like the Nikkei, have also taken the drubbing. The index lost over 7 per cent in the early hours of the trading day.
