Nifty Bank hits 5-week low, tumbles 3.3% as HDFC Bank stock takes a sharp nosedive
₹1,570 apiece. The downward trend persisted, reaching an intraday low of ₹1,560 (-7%). Given HDFC Bank's substantial 14% weightage in the Nifty 50, its performance significantly impacted the index during today's trade.
Also Read: Nifty 50 drops nearly 1.5%, Sensex tumbles 1,000 pts at open: 5 key reasons why Indian stock market is falling The benchmark index witnessed a decline of 252 points, reaching 21,780 as of 09:30 am, with HDFC Bank alone contributing 182 points to this downturn. In addition, the sharp drop in HDFC Bank shares also extended to other banking stocks, as 11 out of the 12 stocks in the index are currently trading in red. Shares of Federal Bank are down 1.4%, followed by IDFC First Bank, Kotak Mahindra Bank, Bandhan Bank, Axis Bank, ICICI Bank, State Bank of India, and Bank of Baroda, which are currently trading with a drop between 0.6 and 1.3%.
Also Read: HDFC Bank share price cracks 7% after Q3 results; what should investors do? Simultaneously, additional factors, including the Dollar Index reaching a one-month high and a surge in US bond yields surpassing 4%, and the rise in Middle East tensions were instrumental in the decline of Indian stocks today. HDFC Bank, the country's largest private sector bank, reported a 33% jump in its net profit to ₹16,372 crore in Q3 of FY24, as compared to ₹12,259 crore a year ago. The bank's net interest income (NII) rose to ₹28,471 crore in Q3 of FY24 from ₹27,385 crore in the previous quarter.
The core net interest margin was unchanged sequentially. It rose 3.4% on total assets and 3.6% on interest-earning year-on-year. Also Read: US military destroys four anti-ship missiles in Yemen amid Huthi attacks HDFC Bank’s gross non-performing assets (NPAs) were reported at
. Read more on livemint.com
