India’s banking stocks took a sharp hit on Tuesday as the Nifty Bank index fell about 500 points, driven by a record low rupee and surging oil prices. With Brent crude crossing $105, investors are recalculating inflation risks and credit growth expectations, increasingly pricing in a delay to interest rate cuts. Banks like ICICI and HDFC led the decline.
Nifty Bank tumbled nearly 900 points, with SBI shares taking the hardest hit after weak earnings spooked investors. The selling spilled across other major lenders, dragging bank stocks down as market sentiment turned cautious. Analysts now expect the index to churn through consolidation, pointing to specific support and resistance zones that could determine whether the slide steadies or resumes.
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Heavyweight bank stocks like HDFC Bank and Axis Bank pulled the Nifty Bank index down nearly 440 points, extending market weakness. Analysts cite sentiment pressure from rising oil prices alongside FII outflows. With momentum cooling, attention is turning to near-term support and resistance levels that could decide whether the selloff stabilizes or accelerates.
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