Amid today’s stock market crash on Monday, 11 May, banking stocks fell like ninepins, while IT emerged as a defensive bet, underscoring the divergence in investor behaviour. Both banking and tech segments are among the heavyweights in the Nifty 50 index.
The flagship Nifty Bank index tumbled 1.70% in intraday deals today, as barring Bank of Baroda (BoB), all stocks faced intense selling pressure. State Bank of India (SBI) emerged as the biggest laggard as it extended its post-earnings decline. The PSU stock had crashed 7% on Friday after its Q4 results missed expectations.
Meanwhile, private sector lenders like HDFC Bank, ICICI Bank, Kotak Bank and Axis Bank also declined up to 1.5%.
(This is a developing story. Please check back for updates.)