The headline of the day is clear — Bank Nifty declines 350 pts from its day’s high.
After a positive start and an early push upward, the banking index saw steady profit booking in the second half of the session. What looked like another strong day for banking stocks slowly turned into a cautious close.
Let’s break down what really happened.
Market Performance: Bank Nifty Slips After Touching 61,436
On Tuesday, Bank Nifty opened on a careful note. There wasn’t aggressive buying at the start. Still, the index managed to move higher during the morning session.
Despite weakness in the broader Nifty index, banking stocks initially held firm.
Key Index Numbers
- Intraday high: 61,436
- Later slipped to: 60,802
- Traded around: 61,004.95 near 3 PM
- Closing level: 61,047
- Day’s fall: 0.35%
- Decline from day’s high: Over 350 points
This marks the second straight session of decline for the banking index.
The phrase Bank Nifty declines 350 pts truly captures the mood of the session — gains were visible early, but sellers stepped in at higher levels.
Why Did Bank Nifty Decline 350 Pts? Profit Booking At Higher Levels?
The fall wasn’t driven by panic. It wasn’t triggered by a single sharp event. It was mainly profit booking.
After touching elevated levels above 61,400, traders locked in gains. Selling pressure increased gradually through the afternoon.
Interestingly, the index did not collapse. It found buying support around 60,800. That prevented deeper losses and helped it close slightly above 61,000.
This tells us something important.
There is selling at higher levels. But there is also buying interest at lower zones.
Still, the headline remains — Bank Nifty declines 350 pts from the day’s top.
Top Losers: AU Small Finance Bank and SBI Lead The Fall
The pressure was visible across multiple banking names. But some stocks stood out.
Major Decliners
- AU Small Finance Bank fell up to 2%
- State Bank of India (SBI) dropped 1.74%
- Union Bank of India slipped 0.76%
- IDFC First Bank declined up to 1%
- Kotak Mahindra Bank fell up to 1%
- Yes Bank lost up to 1%
- Punjab National Bank (PNB) was down up to 1%
The losses were broad-based. Both private and public sector banks participated in the decline.
When heavyweights like SBI come under selling pressure, the index feels it immediately. That was visible today.
PSU Bank Index Also Under Pressure
Profit booking was not limited to Bank Nifty alone.
The Nifty PSU Bank index also slipped up to 1% during the session.
Public sector banks, which had seen steady interest in recent trades, saw mild selling today. There was no panic. Just cautious positioning.
This synchronized decline strengthened the move where Bank Nifty declines 350 pts from peak levels.
Intraday Movement: What The Charts Reflected
The day’s movement followed a simple pattern:
- Cautious opening
- Morning recovery and climb
- Intraday high near 61,436
- Profit booking kicks in
- Fall towards 60,802
- Partial recovery to close at 61,047
This kind of movement reflects hesitation at higher levels.
The index attempted to build momentum. But sellers were waiting.
And once selling began, it gradually dragged the index lower by more than 350 points from the top.
Broader Sentiment: Second Consecutive Day Of Loss
Another key takeaway — this wasn’t a one-day event.
Bank Nifty had already ended lower in the previous session. Tuesday’s fall extended the losing streak to two consecutive sessions.
Two back-to-back declines after testing higher levels often signal caution in the near term.
Still, the fall remained controlled.
The index did not break sharply. It declined 0.35% by the end of the session. But intraday, the headline remained strong — Bank Nifty declines 350 pts.
Company Snapshot: Stocks That Pulled The Index Down
Here’s a simple breakdown of how major banking names moved:
AU Small Finance Bank | Up to 2% |
State Bank of India | 1.74% |
Union Bank of India | 0.76% |
IDFC First Bank | Up to 1% |
Kotak Mahindra Bank | Up to 1% |
Yes Bank | Up to 1% |
Punjab National Bank | Up to 1% |
Losses remained below 2% for most stocks. But when multiple index heavyweights fall together, the impact compounds.
That is exactly how Bank Nifty declines 350 pts from intraday high.
What Today’s Movement Tells Us?
The session was not about breakdown.
It was about resistance at higher levels and profit booking.
There was visible:
- Selling at elevated levels near 61,400+
- Buying support around 60,800
- Controlled intraday volatility
- Broad participation in declines
The index managed to close above 61,000, showing that buyers are still active at dips.
But momentum clearly slowed.
Summary: A Session Defined By Profit Booking
To sum it up:
- Bank Nifty declines 350 pts from its intraday high.
- Touched 61,436, dropped to 60,802.
- Closed at 61,047, down 0.35%.
- AU Small Finance Bank was the biggest loser at 2% down.
- SBI declined 1.74%.
- PSU Bank index also fell up to 1%.
- This is the second straight session of decline.
The move was measured. Not aggressive. Not panic-driven.
But it shows one clear pattern — traders are booking profits at higher levels.
For now, the banking index remains range-bound between selling pressure at the top and buying interest at lower levels.
And that’s the story of the day.
Source: Moneycontrol
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