Private banks drag down benchmark indices, Nifty Bank tanks

The most tracked index in the stock market Nifty Bank bleeded on Friday and lost close to 400 points and closed at 24,421.05 down by 1.60 per cent. BSE BankEx was down by 1.97 per cent. Major private bank stocks Yes Bank, Axis and IndusInd Bank lost the most.

The benchmark index BSE SENSEX closed at 33,349.31, down by 340.78 points or 1.01 per cent, while Nifty50 was at 10,030.00, down by 94.90 points or 0.94 per cent on the first day of the new series. The private sector banking index NIFTY private bank showed exactly which stocks were pulling the market down. Nifty Pvt Bank was down by 2.05 per cent.

Among private Banks, Yes Bank led the downfall losing 8.65 per cent at Rs. 181.20 per share, followed by Axis Bank, IndusInd Bank and Kotak Bank closing at 4.51, 3.23 and 2.48 per cent, respectively. On the other hand, RBL was the only major private bank trading in the green.

Among other top losers on BSE Sensex were ONGC and TCS. While the top gainer were Tata Motors up by 2 per cent, followed by Reliance, Bajaj Auto and Tata Steel up around 1 per cent.